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Director’s dealing

11 February 2016

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 in the issued share capital

Number of Options

Term (from May 2014)

 

Exercise Price (pence)

43,655,233

 

11.45%

4,700,000

10 yrs

10 pence

Number of Warrants

2 years (expiring on 14 February 2016)

 

Exercise Price (pence)

 

 

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 Corporation

Brad Mills

 

+44 (0) 20 7730 7486

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish

Michael Cornish

 

+44 (0)20 7628 3396

SP Angel Corporate Finance LLP (Broker)

Ewan Leggat/Katy Birkin

 

+44 (0) 20 3470 0500

 

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