Century Iron Mines Corporation is pleased to announce that the Company has retained Industrial and Commercial Bank of China as its international financial advisor.
Under the agreement, ICBC Canada will tap its global networks, particularly in Mainland China and Hong Kong, to identify prospective investors that are compatible with Century's investment strategy and objectives in the mining sector. With ICBC and its recently-acquired Standard Bank Group as strategic partners, Century will have the support of one of the strongest financial players on the global stage.
Century announced recently that it is committed to expanding both its balance sheet and its access to capital to broaden the scope of identifying and acquiring quality undervalued mining and resource assets in the current opportune market. Over the course of the past few months, Century's team of talented and experienced in-house mining engineers, geologists and financial analysts has reviewed more than seven hundred mining and resource companies and projects around the world. In the meantime, it is accumulating a growing wealth of market data and internal analysis that will strengthen its core competence and facilitate the proper evaluation of potential acquisition targets. The Company will continue this comprehensive review of more companies and projects and expansion of the database. As compelling investment propositions are identified, Century's management expects to recommend them to the board for consideration as appropriate. Together with the new strategic partnership with ICBC, Century is well positioned to attract new and effective capital to advance its strategy successfully.
ICBC is the world's largest bank, with a market capitalization approaching US$300 billion (May 30, 2015- Relbanks) and more than 450 million customers. ICBC's global network of more than 330 overseas institutions in 41 countries and territories is one of the widest among the Chinese financial institutions in the "One Belt and One Road" area. The agreement is the first of its kind for ICBC Canada, demonstrating its confidence in Century's management team and strategy.
Sandy Chim, President and Chief Executive Officer of Century commented:
"We're very excited to have ICBC, with its global outreach, to support Century's efforts to access more capital for acquisitions in the mining sector. The ability to attract capital in a depressed market is key to success in value creation. As we have achieved in our strong partnerships with WISCO and Minmetals, we look forward to building a prosperous working relationship with ICBC to set favourable conditions for our joint success. Having the opportunity to work with the world's largest bank will certainly improve Century's market visibility and provide the Company with access to additional capital especially within the Chinese market."
Mr. William Zhu, President and Chief Executive Officer of ICBC Canada commented:
"Century and its strategic SOE partners continue to show the ability to finance quality assets and to execute their business strategy, even in the current depressed market. Despite the current media sentiment, the Chinese market continues to grow and we will strive to identify institutions, funds and investors that are compatible with Century's investment strategy and objectives."