27th Mar 2012 07:00
For immediate release: 27 March 2012
West African Minerals Corporation
("WAFM" or the "Company")
Grant of Options
West African Minerals Corporation (AIM: WAFM), an iron ore exploration company, announces that on 26 March 2012 pursuant to the Company's Share Option Scheme as set out in the Admission document published on 20 December 2011, the Board has awarded options to acquire ordinary shares of no par value each in the Company (the "Options") to the following Directors of the Company on the terms detailed below, representing in aggregate 2.05 per cent. of the Company's issued share capital:
Name | Position | Number of shares covered by the Option | Date of Grant | Exercise Price (Note 1) | Total No. of options now held under Share Option Scheme (Note 2) |
Stephen Dattels | CEO & Executive Co-Chairman | 2,800,000 | 26 March 2012 | 25p | 2,800,000 |
James Mellon | Non-Executive Co-Chairman | 500,000 | 26 March 2012 | 25p | 500,000 |
Denham Eke | Chief Finance Officer | 1,000,000 | 26 March 2012 | 25p | 1,000,000 |
Guy Elliott | Non-Executive | 500,000 | 26 March 2012 | 25p | 500,000 |
Patrick Weller | Non-Executive | 500,000 | 26 March 2012 | 25p | 500,000 |
Note 1: The exercise price is the volume weighted average closing price for the Company's shares for the five business days prior to 22 March 2012. Note 2: Regent Mercantile Holdings Limited, a company owned by a trust under which Stephen Dattels is a discretionary beneficiary, holds a warrant to acquire 2,148,000 shares at 24.4 pence per share for a period of five years from 9 January 2012, pursuant to a warrant deed granted at the time of the acquisition of Ferrum Resources Limited and a warrant to acquire 500,000 shares at 10 pence per share for a period of two years from 9 January 2012. | |||||
In accordance with, and subject to the terms of the Company's Share Option Scheme, one third of the ordinary shares under the Options shall vest on the first anniversary of the date of grant while another third shall have a vesting date of the second anniversary of the date of its grant and the final third shall have a vesting date on the third anniversary of the date of grant.
In the event that a director resigns and ceases to be engaged by the Company in any role, pursuant to the Share Option Scheme rules, he or she may only exercise options which have vested and for a period of no later than six months from their resignation.
Following the grant of the Options, WAFM now has a total of 20,598,851 outstanding options and warrants over ordinary shares in the Company.
For further information:
West African Minerals Corporation | Denham Eke | +44 (0) 1624 639396 |
Beaumont Cornish Limited (Nominated Adviser) | Roland Cornish Michael Cornish
| +44 (0)20 7628 3396 |
Evolution Securities Limited (Broker) | Neil Elliot Chris Sim
| +44 (0)20 7597 5970 |
GTH Communications | Toby Hall Suzanne Johnson Walsh | +44 (0) 20 3103 3902 |
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 licences in Cameroon and Sierra Leone. Further information on the Group is available at www.westafricanminerals.com.
ENDS
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