Sign In
16 May 2014 17:30
16 May 2014
For immediate release
West African Minerals Corporation
("WAFM" or "Group")
Grant of Options
The Board of West African Minerals Corporation (AIM: WAFM) announces that on 14 May 2014 it awarded options to acquire up to 21,500,000 ordinary shares of no par value in the Company (the "Options") to the following Directors, key management and employees on the terms detailed below. These Options replace all previously granted options which have been cancelled as at the same date.
Name
| Number of New Options | Term | Exercise Price (pence) |
Brad Mills, Director, President | 4,700,000 | 10 yrs | 0.07p |
Anton Mauve, Director, Managing Director* | 4,700,000 | 10 yrs | 0.07p |
Denham Eke, Director, Chief Finance Officer | 4,700,000 | 10 yrs | 0.07p |
James Mellon, Chairman & Director | 2,350,000 | 10 yrs | 0.07p |
Gerard Holden, Non-Executive Director | 2,350,000 | 10 yrs | 0.07p |
Key employees and management | 2,700,000 | 10 yrs | 0.07p |
Total options granted | 21,500,000 |
* These Options have been granted to Metallogenic Mining Limited, a company in which Mr Mauve is beneficially interested and which provides services to the Company.
In accordance with, and subject to the terms of the Company's Share Option Scheme, the Options shall vest as to one-third on each anniversary of the date of the grant (being 14 May 2014).
In aggregate the new Options issued to Directors, employees and management represent 5.7 per cent. of the Company's issued share capital, and are exercisable at a price equivalent to that of the share placings announced in February this year, being a slight premium to the current market price.
Following the grant of the Options, WAFM now has a total of 21,500,000 outstanding options over ordinary shares in the Company.
For further information contact:
West African Minerals Corporation | Anton Mauve Managing Director
Donna Yoshimatsu Investor Relations and Corporate Secretary
| +44 (0) 1624 639396
+1 (416) 722-2456 |
Beaumont Cornish Limited (Nominated Adviser) | Roland Cornish Michael Cornish
| +44 (0)20 7628 3396 |
SP Angel Corporate Finance LLP (Broker)
| Ewan Leggat
| +44 (0) 20 3463 2260 |
GTH Communications | Toby Hall Suzanne Johnson Walsh | +44 (0) 20 7822 7493/7492 |
About West African Minerals Corporation
West African Minerals Corporation (AIM: WAFM) is an iron ore mining and exploration group focused on West Africa with interests in iron ore exploration permits in Cameroon and Sierra Leone. Through its 100 per cent owned subsidiary Compagnie Minière du Cameroun SA, WAFM owns five exploration licenses in Cameroon covering a total block of approximately 4,100 square kilometres and spanning the coast to the large scale eastern deposits. Maiden Inferred Mineral Resources have been reported at the near-coastal Binga and the South Djadom licenses. The Sierra Leone licences comprise five exploration licenses with potential for enriched hematite schists typical of the Marampa Group over a total Block of approximately 687 square kilometres.
Further information on the Group is available at www.westafricanminerals.com.
Follow the stocks
