Email Alerts

Please fill in your details below if you wish to be alerted about news from the Company.

WAFM: an additional US$4million raised through Placing

12 February 2014

Additional placing to raise approximately £2.44 million

(equivalent to US$4 million)

West African Minerals Corporation (AIM: WAFM) is pleased to announce that further to the announcement on 5 February 2014 of the placing of shares to the value of approximately £3.7 million gross, equivalent to approximately US$6.0 million at current exchange rates, (the "First Placing") the Company has today placed a further 34,843,206 new ordinary shares ("Placing Shares"). The additional £2.44 million gross (equivalent to approximately US$4.0 million at current exchange rates) has been raised at a placing price of 7p per Placing Share (the "Placing Price"), together with one warrant ("Warrant") for each two Placing Shares subject to admission (the "Second Placing"). Each Warrant is exercisable for one new ordinary share at a price of 10p per ordinary share for a period of three years from Admission. The exercise period of the Warrants issued to third parties (excluding any related parties) in the First Placing has been extended from two to three years. The Second Placing was also conducted by SP Angel Corporate Finance LLP.

The proceeds of the Second Placing principally will be used to provide additional working capital and to accelerate the development of the Binga licence zone in accordance with the work program as previously announced by the Company.

The Second Placing Shares will, on issue, rank pari passu with the existing ordinary shares in issue and application will be made for the Second Placing Shares to be admitted to trading on AIM. Admission and trading in the Placing Shares on AIM is expected to commence on or around 18 February 2014 ("Admission"). The Placing Shares will represent 9.2 per cent. of the enlarged share capital of the Company. The Warrants are unlisted and will not be admitted to trading on AIM.

Brad Mills, President of the Company said:

"The additional investor demand for this placing is highly encouraging and will provide the flexibility to accelerate the development of our Binga licence."

Total Voting Rights

Following the issue of the Placing Shares, the Company's issued share capital will consist of 376,737,123 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 Conduct Authority's Disclosure and Transparency Rules.

For further information contact:

West African Minerals Corporation

Anton Mauve

Managing Director

 

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

SP Angel Corporate Finance LLP (Broker)

Ewan Leggat/Katy Birkin

 

 

+44 (0) 20 3463 2260

GTH Communications

Toby Hall

Suzanne Johnson Walsh

+44 (0) 20 7822 7493/7492

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 permits in Cameroon and Sierra Leone. Through its 100 per cent owned subsidiary Compagnie Minière du Cameroun SA, WAFM owns six exploration licences in Cameroon covering a total block of approximately 6,000 square kilometres and spanning the coast to the large scale eastern deposits. Maiden Inferred Mineral Resources have been reported at the near-coastal Binga and the South Djadom licences. The Sierra Leone licences comprise five exploration licences with potential for enriched hematite schists typical of the Marampa Group over a total Block of approximately 687 square kilometres.  

Further information on the Group is available at www.westafricanminerals.com.