West Africa Gold (NASDAQ:WAGI)
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West Africa Gold Inc.'s Significant Shareholder to Distribute Its
Entire Restricted Shareholding
Significant Shareholder in the Company, Hanover Capital Group plc to Distribute
Its Entire Holding of Restricted Shares in the Company to Its Shareholders
NEW YORK, June 15 /PRNewswire-FirstCall/ -- West Africa Gold Inc. (OTC:WAGI)
(BULLETIN BOARD: WAGI) announced today that it has been advised by a
significant shareholder, UK based, Hanover Capital Group plc ("Hanover"), that
Hanover will now commence with the distribution its entire shareholding in West
Africa Gold Inc, that being in the amount of 638,958,360 shares of restricted
shares of Common Stock in the Company, to Hanover's shareholders. This
represents a 30.41% shareholding interest in the Company at this time.
Stephen Lumb, the Chairman of Hanover Capital Group plc, the UK Based
Investment Company said today that this shareholding in the Company is being
distributed to our shareholders in order to unlock value and to complete the
process of "winding down" Hanover's business. Lumb said that for every one
Ordinary Share in Hanover, its shareholders would receive 3.3334 shares of West
Africa Gold Inc restricted Common Stock. He added that Hanover's share in the
Company had been extremely beneficial for his shareholders and that the value
being released to them from this "unbundling" represented a distribution of
stock valued at approximately three times the price that Hanover's share had
ever traded whilst quoted on London's Alternative Investment Market "AIM".
Stephen Lumb is a Consultant to West Africa Gold Inc in respect of all of its
Corporate and Structured Finance transactions.
Richard Axtell, the President of West Africa Gold said he was delighted with
this move by Hanover and added that it would bring a further 8,500 shareholders
to West Africa Gold, with these new shareholders being primarily based in the
United Kingdom.
About West Africa Gold Inc.:
West Africa Gold (http://www.westafricagold.com/) is an aggressive gold
exploration company that has acquired certain rights to mine for minerals,
primarily gold, in various regions of the Republic of Mali, which is located in
West Africa. Their outstanding exploration and operational management team has
in excess of 60 years of professional geological experience, and has extensive
familiarity on a local level in respect of mining in Africa. The team is
highly educated, including PhDs, and all have recognizably solid reputations
throughout the mining industry. The company also recently announced and
executed a 10-for-1 forward stock split to improve trading liquidity and to
attract smaller investors.
West Africa Gold currently has five projects underway. They are Toubikoto
(Gold), Manianguinti (Gold), In Darset (Gold, Base Metals), Anefis (Gold, Base
Metals), and Touban (Nickel, Copper, pge's). The five projects are diversely
located throughout Mali, and aggregately cover an impressive 1000 square
kilometers. Since 2001, Mali has been the 3rd largest gold-producing country
in Africa, trailing only South Africa and Ghana. Most importantly, to West
Africa Gold, is the political stability and harmony enjoyed by both the Malian
people and foreign Mining companies operating in Mali. Gold accounts for
approximately 90% of Mali's total mineral exports, and in excess of 20% of all
exports. Malian gold production is expected to almost double to 37% when
several new projects go into full production. Mali has been extensively
evaluated and it has been concluded that the country has an incredible 350 tons
of recoverable gold, and is widely recognized as having enormous potential for
abundant gold extraction. West Africa Gold is well positioned to reap great
benefits from its Malian properties. The Independent Geological Evaluation of
West Africa Gold's properties are that they may contain an Inferred Geological
Resource of up to 3,000,000 ounces of gold. Extremely high Values of Zinc and
Copper have also been recorded. Mali is also known for its low extraction
costs, so certain expenses will be controlled.
Considering the amount of gold in Mali, as well as the sheer size and
professionally evaluated potential of its properties, West Africa Gold has a
very bright future ahead of it. Its Advisory Committee will consist of
renowned mining and geological experts. This highly experienced and dedicated
team will have the local expertise so as to be familiar with Mining operations
in Mali. West Africa Gold is debt free and is in the final stages of
preparation to raise an additional US$5 million in additional funding. The
company plans to use this money to continue to explore and create additional
value to its current properties, and to identify and secure additional Gold
Mining Properties. West Africa Gold has many positive factors that weigh
heavily in its favor, and with Gold holding its own at around the US$380/oz
level, it continues to be a company with enormous potential.
Statements contained in this press release, which are not historical facts, are
forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are based
largely on the Company's expectations and are subject to a number of risks and
uncertainties beyond the Company's control, including but not limited to
economic, competitive and other factors affecting the Company's operations,
management team effectiveness, expansion strategies, available financing,
market prices and recovery costs, government regulations involving the Company,
facts and events not known at the time of this release, and other factors
discussed in the Company's filings with the Securities and Exchange Commission.
These statements are not guarantees of future performance and readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this release. The Company undertakes no
obligation to update publicly any forward-looking statements.
This release was issued through Major Newswire
(http://www.majornewswire.com/)
DATASOURCE: West Africa Gold Inc.
CONTACT: Stephen Lumb, +1-212-672-1850, for West Africa Gold Inc.
Web site: http://www.majornewswire.com/
Web site: http://www.westafricagold.com/