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Directors' Dealings

26 March 2012

WEST AFRICAN MINERALS CORPORATION

("Company")

Directors' Dealings

The Company was informed on 26 March 2012 that the following Directors purchased, in aggregate, 2,000,000 shares in the Company (“Ordinary Shares”) as set out below:

  • Regent Mercantile Holdings Limited, a company owned by a trust under which Stephen Dattels is a discretionary beneficiary, purchased 944,444 Ordinary Shares at a price of 18 pence per share;
  • Galloway Limited, a company which is indirectly wholly owned by the trustee of a settlement under which James Mellon has a life interest, purchased 555,556 Ordinary Shares at a price of 18 pence per share; and
  • Mr Guy Elliott purchased 500,000 Ordinary Shares at a price of 18 pence per share.

As a result of these purchases:

  • Stephen Dattels* is interested in 26,172,906 issued Ordinary Shares, representing approximately 10.11 per cent. of the Company's issued ordinary share capital;
  • James Mellon** is interested in 18,027,398 issued Ordinary Shares representing approximately 6.96 per cent. of the Company's issued ordinary share capital; and
  • Mr Elliott holds 1,500,000 issued Ordinary Shares in his own name and 200,000 in the name of Vidacos Nominees Limited on behalf of the Elliott Family Irrevocable Trust, a connected party.  The total Ordinary Shares in which Mr Elliott has a direct and indirect interest is 1,700,000, representing approximately 0.65 per cent. of the issued ordinary share capital of the Company.

Notes

* Stephen Dattels’ Ordinary Shares are held by Regent Mercantile Holdings Limited.

** James Mellon’s Ordinary Shares are held by Galloway Limited.

The 2,000,000 Ordinary Shares purchased by the Directors as detailed above will be locked in under Rule 7 of the AIM Rules for Companies until 9 January 2013, being the first anniversary of Admission, ("Rule 7 Lock-in") and will be subject to orderly market arrangements during the following twelve months after the initial one year lock-in period ("OMA Lock-in").  As a result of these purchases the Directors and their related parties, applicable employees and substantial shareholders (each as defined in the AIM Rules for Companies) hold voting rights in respect of 149,707,905 Ordinary Shares representing approximately 57.8 per cent. of the Company's issued ordinary share capital, all of which will be locked-in under the Rule 7 Lock-in and the OMA Lock-in.

 

For further information:

West African Minerals Corporation

Denham Eke

+44 (0) 1624 639396

Beaumont Cornish Limited

(Nominated Adviser)

Roland Cornish

Michael Cornish

+44 (0)20 7628 3396

Evolution Securities Limited

(Broker)

Neil Elliot

Chris Sim

+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.

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