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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| West African | LSE:WAFM | London | Ordinary Share | VGG9544K1021 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.25 | 1.00 | 1.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMWAFM
RNS Number : 9598A
West African Minerals Corporation
04 January 2018
4 January 2018
For immediate release
West African Minerals Corporation
("WAFM", the "Group" or the "Company")
Issue of Equity
Directors' dealing
In the Interim Report for the six months ended 30 September 2017, the Company reported that as part of its continuing cash-saving exercise which began being implemented across the Group in 2014, the directors of the Company (the "Directors") shall continue to be paid 50% of their contractual fees by the issue of new ordinary shares of no par value in the capital of the Company ("New Ordinary Shares") in arrears at an implied monthly price equivalent to the volume weighted average price of the ordinary shares of no par value in the capital of the Company ("Ordinary Shares") at the end of each relevant month.
In addition, Burnbrae Limited ("Burnbrae") (which as reported in the Interim Report provides accounting, administrative and general office services to the Company) also agreed that the payment of accounting and administration fees shall also be satisfied by the issue of New Ordinary Shares, the issue price of which was to be calculated on the same basis as for the Directors.
In accordance with this previously stated practice of Directors receiving New Ordinary Shares as payment in lieu of fees, the board of Directors (the "Board") has now calculated and issued today 1,064,830 New Ordinary Shares due to the former Directors to settle GBP25,252 of accrued fees at an average issue price of approximately 2.37p. The Board has issued today a further 614,200 New Ordinary Shares due to the current Directors to settle GBP14,360 of accrued fees, as set out below:
Hot Features
Premium
Director Accrued Average No. of Total shareholding % shareholding
fees settled issue New Ordinary following in the
in New price Shares the issue enlarged
Ordinary of New issued of New issued
Shares Ordinary Ordinary share
Shares Shares capital
following
the issue
of the
New Ordinary
Shares
---------- --------------- ---------- -------------- ------------------- ---------------
Willy
Simon GBP7,180 2.34p 307,100 307,100 0.08
---------- --------------- ---------- -------------- ------------------- ---------------
Andrew
Gutmann GBP7,180 2.34p 307,100 307,100 0.08
---------- --------------- ---------- -------------- ------------------- ---------------
The Board has also issued today 5,558,549 New Ordinary Shares to Burnbrae as payment for accounting and administration fees in respect of GBP138,190 at an average issue price of approximately 2.49p.
The New Shares will rank pari passu with the existing Ordinary Shares. Application will made for admission of the 7,237,579 New Ordinary Shares to trading on AIM and it is expected that admission will become effective and that dealings in the New Ordinary Shares will commence on or around 9 January 2018.
Following the issue of the New Ordinary Shares, the Company's issued share capital will consist of 388,395,417 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 Guidance and Transparency Rules and pursuant to Regulation 23 of the Company's articles of association. The Company does not hold any Ordinary Shares in treasury.
For further information contact:
West African Minerals Corporation Willy Simon +44 (0)20 7382 8300
Roland Cornish
Beaumont Cornish Limited (Nominated Adviser) Michael Cornish +44 (0)20 7628 3396
Beaufort Securities Limited (Broker) Jon Belliss +44 (0)20 7382 8300
Further information is available on the Company's website: www.westafricanminerals.com
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014 (the "Market Abuse Regulation"). The person who arranged for the release of this announcement on behalf of the Company was Willy Simon, Director.
The notification below, made in accordance with the requirements of the Market Abuse Regulation, provides further detail in respect of the transaction as described above.
1 Details of the person discharging managerial
responsibilities / person closely associated
--- -------------------------------------------------------------
a) Name Willy Simon
--- ------------------------ -----------------------------------
2 Reason for notification
--- -------------------------------------------------------------
a) Position / status Director
--- ------------------------ -----------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ -----------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- -------------------------------------------------------------
a) Name West African Minerals Corporation
--- ------------------------ -----------------------------------
b) LEI 213800XG1H8143OB2D52
--- ------------------------ -----------------------------------
4 Details of the transaction(s): section
to be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
--- -------------------------------------------------------------
a) Description of Ordinary shares of no par
the financial value in West African Minerals
instrument, type Corporation
of instrument VGG9544K1021
Identification
code
--- ------------------------ -----------------------------------
Nature of the Issue of 307,100 ordinary
transaction shares pursuant to payment
in lieu of directors' fees
at an issue price of GBP0.234
per ordinary share
--- ------------------------ -----------------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) ------------------- -----------
(i) GBP0.234 307,100
------------------- -----------
--- ------------------------ -----------------------------------
d) Aggregated information n/a
--- ------------------------ -----------------------------------
e) Date of the transaction 4 January 2018
--- ------------------------ -----------------------------------
f) Place of the Off market
transaction
--- ------------------------ -----------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
--- --------------------------------------------------------------
a) Name Andrew Gutmann
--- ------------------------ ------------------------------------
2 Reason for notification
--- --------------------------------------------------------------
a) Position / status Director
--- ------------------------ ------------------------------------
b) Initial notification Initial
/Amendment
--- ------------------------ ------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- --------------------------------------------------------------
a) Name West African Minerals Corporation
--- ------------------------ ------------------------------------
b) LEI 213800XG1H8143OB2D52
--- ------------------------ ------------------------------------
4 Details of the transaction(s): section
to be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
--- --------------------------------------------------------------
a) Description of Ordinary shares of no par
the financial value in West African Minerals
instrument, type Corporation
of instrument VGG9544K1021
Identification
code
--- ------------------------ ------------------------------------
Nature of the Issue of 307,100 ordinary
transaction shares pursuant to payment
in lieu of directors' fees
at an issue price of GBP0.234
per ordinary share
--- ------------------------ ------------------------------------
Price(s) and Price(s) Volumes(s)
volumes(s) -------------------- -----------
(ii) GBP0.234 307,100
-------------------- -----------
--- ------------------------ ------------------------------------
d) Aggregated information n/a
--- ------------------------ ------------------------------------
e) Date of the transaction 4 January 2018
--- ------------------------ ------------------------------------
f) Place of the Off market
transaction
--- ------------------------ ------------------------------------
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCKZLBBVFFZBBK
(END) Dow Jones Newswires
January 04, 2018 04:52 ET (09:52 GMT)
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