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Issue of equity

08 June 2012

 

West African Minerals Corporation
("WAFM" or the "Company")

Issue of equity

 

The Board of West African Minerals Corporation announces that it has issued and allotted 238,667 new ordinary shares of no par value, pursuant to the exercise of 238,667 options at an exercise price of 13.62p each. The new shares will rank, pari passu, with the existing ordinary shares. Application will be made for these new ordinary shares to be admitted to trading on AIM and admission is expected to take place on 14 June 2012.  

The 238,667 new ordinary shares were subscribed for by a prior director of WAFM’s wholly-owned subsidiary Ferrum Resources Limited and as such will be locked in under Rule 7 of the AIM Rules for Companies until 9 January 2013, being the first anniversary of Admission. 

Following the exercise of the options, the Company's issued share capital consists of 259,188,246 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 Service Authority's Disclosure and Transparency Rules.

In addition, the Company expects to complete next week on the acquisition of the minority interest in Compagnie Miniere du Cameroun SA (“CMC Cameroon”), as previously announced on 22 May 2012, and issue the 18.5 million consideration shares (“Consideration Shares”). The total voting rights above excludes these Consideration Shares. 

 

For further information:

West African Minerals Corporation

Denham Eke

Chief Financial Officer

+44 (0) 1624 639396

 

Donna Yoshimatsu

Investor Relations and Corporate Secretary

+1 (416) 722-2456 

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish

Michael Cornish

+44 (0)20 7628 3396

Investec Bank PLC (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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