West African Minerals Corporation Result of General Meeting (4927B)

TIDMWAFM

RNS Number : 4927B

West African Minerals Corporation

10 January 2018

10 January 2018

For immediate release

West African Minerals Corporation

("WAFM" or the "Company")

Result of General Meeting

Proposed Disposal and Special Dividend

Board change

Change of name

Result of General Meeting

The Board announces that at the General Meeting held earlier today, the resolutions to: (1) approve the Disposal and Special Dividend; and (2) approve the change of name of the Company to OKYO Pharma Corporation, were duly approved by Shareholders.

Special Dividend

The Special Dividend will be paid to Shareholders on the register of members of the Company at the Record Date (which is close of business today). The Ferrum Shares will not directly (or indirectly through Depositary Interests) be held in CREST, and share certificates in respect of Ferrum Shares will be dispatched to Shareholders as soon as is reasonably practical.

AIM Rule 15

On completion of the Disposal, the Company will have ceased to own, control or conduct all or substantially all, of its existing trading business, activities or assets and, in accordance with AIM Rule 15, the Disposal constitutes therefore a fundamental change of business of the Company. Following completion of the Disposal, the Company will be an AIM Rule 15 cash shell and as such is required to make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission as an investing company (as defined under the AIM Rules)) on or before the date falling six months from completion of the Disposal or be re-admitted to trading on AIM as an investing company under AIM Rule 8 (which requires the raising of at least GBP6 million in cash via an equity fundraising on, or immediately before, re-admission) failing which, the Company's Ordinary Shares would then be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM would be cancelled six months from the date of suspension should the reason for the suspension not have been rectified pursuant to AIM Rule 41.

Board change

As previously announced, Andrew Gutmann has ceased to be a Director with effect from the conclusion of the General Meeting today on the basis that the Company is now embarking on a new direction. The Board thanks Andrew for his support.

Change of name

Following approval of the change the name of the Company to OKYO Pharma Corporation at the General Meeting, the Company will file the relevant documents and will make a further announcement to confirm the effective date and new ISIN and SEDOL, when allocated.

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 announcement is inside information for the purposes of Article 7 of Regulation 596/2014. The person who arranged for the release of this announcement on behalf of the Company was Willy Simon, Director.

Forward-looking statements

Certain statements in this announcement constitute "forward-looking statements". Forward-looking statements include statements concerning the plans, objectives, goals, strategies and future operations and performance of the Company and the assumptions underlying these forward-looking statements. The Company uses the words "anticipates", "estimates", "expects", "believes", "intends", "plans", "may", "will", "should", and any similar expressions to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the Company's actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company is not obliged, and does not intend, to update or to revise any forward-looking statements, whether as a result of new information, future events or otherwise except to the extent required by any applicable law or regulation. All subsequent written or oral forward-looking statements attributable to the Company, or persons acting on behalf of the Company, are expressly qualified in their entirety by the cautionary statements contained throughout this announcement. As a result of these risks, uncertainties and assumptions, a prospective investor should not place undue reliance on these forward-looking statements.

APPENDIX I

DEFINITIONS

In this announcement, the following expressions have the following meanings unless the context otherwise requires:

 
 "AIM"                the market of that name operated 
                       by the London Stock Exchange 
 "AIM Rules"          the AIM Rules For Companies whose 
                       securities are admitted to trading 
                       on AIM, as published by the London 
                       Stock Exchange from time to time, 
                       and references to any "AIM Rule" 
                       shall be construed accordingly 
 "Board"              the board of Directors 
 "Directors"          the directors of the Company 
 "CREST"              the relevant system (as defined 
                       in the Uncertificated Securities 
                       Regulations 2001) in respect of 
                       which Euroclear UK & Ireland Limited 
                       is the operator (as defined in those 
                       regulations) 
 "Depositary"         Computershare Investor Services 
                       PLC of The Pavilions, Bridgewater 
                       Road, Bristol BS99 6ZY 
 "Depositary          the interests representing Ordinary 
  Interests"           Shares issued through the Depositary 
 "Disposal"           the proposed disposal of the Ferrum 
                       Shares by means of the Special Dividend 
 "Ferrum"             Ferrum Resources Limited, a wholly-owned 
                       subsidiary of WAFM 
 "Ferrum Shares"      the ordinary shares of no par value 
                       in the capital of Ferrum 
 "General Meeting"    the meeting of the Shareholders 
                       held on 10 January 2018 
 "London Stock        the London Stock Exchange plc 
  Exchange" 
 "Record Date"        close of business on 10 January 
                       2018 
 "Register"           the register of members of the Company 
 "Resolutions"        the resolutions to be proposed at 
                       the General Meeting as set out in 
                       the Notice of General Meeting at 
                       the end of this Document 
 "Shareholders"       holders of Ordinary Shares 
 "Special Dividend"   the distribution of Ferrum Shares 
                       to Shareholders on the Record Date 
 "WAFM" or "the       West African Minerals Corporation, 
  Company"             a company incorporated in the British 
                       Virgin Islands with registered number 
                       1415559 
 

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

January 10, 2018 06:14 ET (11:14 GMT)