West African Minerals Corporation Board Changes and Corporate Update (3616W)

TIDMWAFM

RNS Number : 3616W

West African Minerals Corporation

13 November 2017

For immediate release

13 November 2017

West African Minerals Corporation

("West African" or the "Company")

Board changes and corporate update

The Board of the Company announces that Jim Mellon and Gerard Holden have both resigned as directors of the Company (and its subsidiaries) with effect from today. Willy Simon, an existing non-executive director of the Company, has been appointed Acting Chairman following these changes.

The continuing Board of the Company is therefore now as follows:

 
Willy Simon        Acting Chairman 
Andrew Gutmann     Non-Executive Director 
Kunwar Shailuhbai  Non-Executive Director 
 

The continuing Board has also today amended the composition of its standing Board committees to reflect these Board changes. The Audit Committee will now comprise Mr Willy Simon (Chairman of the committee) and Dr Kunwar Shailubhai. The Remuneration committee will now comprise Dr Kunwar Shailubhai (Chairman of the committee) and Mr Andrew Gutmann.

The continuing Board is reviewing the strategy for the future development of the Company, including the options for the Company's iron ore interests in Cameroon which mainly comprise the Sanaga project. The continuing Board has decided not to progress Sanaga any further itself at this time bearing in mind the difficulties of finding commercial partners and / or buyers for Sanaga in continuing challenging market conditions for junior exploration companies in the iron ore sector. The continuing Board does not intend therefore to expend any further funds on the Company's iron ore assets other than is strictly required to maintain the licences in good standing and preserve value pending any prospective sale of the assets. The continuing Board is considering all options in respect of the Company's existing iron interests, including whether to separate the Company's interests by means of a demerger or otherwise and seeking investment opportunities in a different sector, and in particular life sciences. The Board is also assessing whether to remain on AIM or seek admission to another recognised market and a further announcement will be made in due course as and when this review has been completed.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information contact:

 
West African Minerals Corporation              Willy Simon        [phone] 
                                               Roland Cornish 
Beaumont Cornish Limited (Nominated Adviser)    Michael Cornish   [phone] 
Beaufort Securities Limited (Broker)           Jon Belliss        [phone] 
 

Further information is available on the Company's website: www.westafricanminerals.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

BOALLFLRLILVLID

(END) Dow Jones Newswires

November 13, 2017 11:12 ET (16:12 GMT)