West African Minerals Corporation Director's Dealing (7144O)

TIDMWAFM

RNS Number : 7144O

West African Minerals Corporation

11 February 2016

11 February 2016

For immediate release

West African Minerals Corporation

("WAFM" or the "Company")

Director's dealing

The Company announces that it was informed on 10 February 2016 that Plinian Guernsey Limited ("Plinian Guernsey") transferred on 10 February 2016 its entire holding of ordinary shares in the Company to its parent company Plinian Capital Limited ("Plinian Capital"). Brad Mills, a director of the Company, is the controlling shareholder of Plinian Guernsey and also the controlling shareholder of Plinian Capital.

As part of an internal reorganisation, Plinian Guernsey has transferred 32,353,998 ordinary shares of no par value in the Company to Plinian Capital ("WAFM Shares") at their carrying value in Plinian Guernsey's accounts (being US$2,335,605, equivalent to approximately 5 pence per WAFM Share). Following the transfer of the WAFM Shares, Plinian Guernsey has no remaining holding of shares in the Company.

Brad Mills' interest in the share capital of the Company is not affected by the transfer, and remains as follows:

 
 Shareholding     % interest        Number of      Term (from      Exercise 
                 in the issued        Options       May 2014)    Price (pence) 
                 share capital 
-------------  ----------------  ---------------  -----------  --------------- 
  43,655,233        11.45%          4,700,000        10 yrs        10 pence 
-------------  ----------------  ---------------  -----------  --------------- 
  Number of         2 years          Exercise 
   Warrants        (expiring       Price (pence) 
                 on 14 February 
                     2016) 
-------------  ----------------  ---------------  -----------  --------------- 
  5,071,429          2 yrs           10 pence 
-------------  ----------------  ---------------  -----------  --------------- 
 

Note: Brad Mills' interest comprises 1,158,377 Shares that he owns directly; 32,353,998 Shares that are owned by Plinian Capital of which Brad Mills is the controlling shareholder; and a further 10,142,858 Shares that are owned by CE Mining Limited, which is 50 per cent. owned by Plinian Guernsey (CEM) Limited (of which Brad Mills is the controlling shareholder), together with warrants to subscribe for 5,071,429 Shares that are owned by CE Mining Fund II WAFM Limited (a special purpose company established by CE Mining GP II Limited ("Fund GP") in its capacity as general partner of CE Mining Fund II L.P.), which is 100% owned by Fund GP, of which Brad Mills is the indirect controlling shareholder.

For further information contact:

 
 West African Minerals                           +44 (0) 20 
  Corporation                Brad Mills           7730 7486 
 Beaumont Cornish Limited    Roland Cornish      +44 (0)20 
  (Nominated Adviser)         Michael Cornish     7628 3396 
 SP Angel Corporate          Ewan Leggat/Katy    +44 (0) 20 
  Finance LLP (Broker)        Birkin              3470 0500 
 

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 11, 2016 02:00 ET (07:00 GMT)