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Completion of acquisition of minority interest in Cameroon Subsidiary and Issue of equity

30 July 2012

 

Completion of acquisition of minority interest in Cameroon Subsidiary

Issue of equity

 

The Board of West African Minerals Corporation announces that the conditions precedent for the completion of the acquisition of the 5% minority interest in Compagnie Minière du Cameroon (“CMC”) (as announced on 22 May 2012) have been satisfied, making CMC an indirect wholly-owned subsidiary of the Company.  Accordingly, the Company has issued and allotted 18,500,000 new ordinary shares of no par value to the vendors. The new shares will rank, pari passu, with the existing ordinary shares. Application has been made for these new ordinary shares to be admitted to trading on AIM and admission is expected to take place on 3 August 2012. 

Following the issue of these new shares, the Company's issued share capital will consist of 287,894,752 ordinary shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Services Authority's Disclosure and Transparency Rules.

For further information:

 

West African Minerals Corporation

Denham Eke

Chief Financial Officer

 

Donna Yoshimatsu

Investor Relations and Corporate Secretary

+44 (0) 1624 639396

 

 

+1 (416) 722-2456

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish

Michael Cornish

+44 (0)20 7628 3396

Investec Bank PLC (Broker)

Neil Elliot

+44 (0)20 7597 5970

GTH Communications

Toby Hall

Suzanne Johnson Walsh

+44 (0) 20 3103 3902

 

About West African Minerals Corporation

 

West African Minerals Corporation (AIM: WAFM) is an iron ore mining and exploration group focused on West Africa with interests in iron ore exploration licences in Cameroon and Sierra Leone. Further information on the Group is available at www.westafricanminerals.com.