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Issue of Equity - Company raises £5.6 million

15 June 2012

 

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

Issue of Equity
Company raises £5.6 million

West African Minerals Corporation (AIM: WAFM), the iron ore exploration company with interests in Cameroon and Sierra Leone, is pleased to announce that, subject to admission of the shares to AIM, the Company has issued and allotted 10,206,506 new ordinary shares at 55 pence per share, raising £5,613,578 (the "Placing").

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 21 June 2012.  

The funds raised by the Company will be used to expand and accelerate the Company's drilling and exploration programmes in Cameroon and Sierra Leone, as well as for general working capital.

Following the Placing, the Company's issued share capital consists of 269,394,752 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 Service Authority's Disclosure and Transparency Rules.

Following the Placing, the Company has been informed by Fairbairn Nominees (IOM) Limited that its client, Panetta Partners Limited is indirectly interested in 15,250,000 shares of the Company, representing 5.7% of the enlarged issued share capital of the Company.

Stephen Dattels, Executive Co-Chairman of the Company commented:

"West African Minerals is delighted to complete the placing with Panetta Partners Limited.  The additional funds will be used to expand and accelerate the second phase of the Company's work programme in Cameroon, and the price and size of the fundraising show clearly that the enormous potential of the Company's assets is beginning to be recognised by the wider investment community."

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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.