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West african minerals acquisition of minority interest in cameroonsubsidiary - China T10 Led Tube by fdhjkl rfghjtkl

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West african minerals acquisition of minority interest in cameroonsubsidiary - China T10 Led Tube by
Article Posted: 07/30/2012
Article Views: 97
Articles Written: 2148
Word Count: 592
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West african minerals acquisition of minority interest in cameroonsubsidiary - China T10 Led Tube

Business,Business News,Business Opportunities
West African Minerals Corporation the iron ore exploration companywith interests in Cameroon and Sierra Leone announce that it hasreached agreement to acquire the 5% interest not previously in itscontrol in Compagnie Miniere du Cameroun SA. Following completionof the Acquisition, CMC Cameroon will become an indirectwholly-owned subsidiary of the Company. CMC Cameroon owns six exploration permits granting the exclusiverights to explore for iron ore and associated minerals in areasreferred to as Djadom, Dja, Lele, Minko, Sanaga and Binga inCameroon covering a total area of approximately 6,000 squarekilometres. On 25 April 2012 the Company announced positive results of itsrecent aeromagnetic survey on the Cameroon properties and isproceeding with Phase Two of its exploration programme comprisingapproximately 400 fifty metre holes to target direct shipping orematerial overlying magnetite banded iron formation bedrock. Mr Stephen Dattels CEO and Executive Co-Chairman of WAFM said "Weare delighted to have reached agreement to acquire the minorityinterest in Cameroon.

The acquisition results in the project being100% owned by West African Minerals with full operational controlof this major asset. Given the recent positive results from theaeromagnetic survey we believe this is in the best interests of allshareholders." On completion of the Acquisition WAFM will issue to the vendors atotal of 18.5 million new ordinary shares in the Companyrepresenting approximately 6.7% of the enlarged share capital.Based on the closing price of an Ordinary Share traded on AIM on 21May 2012 of 54.75 pence, the Consideration Shares are valued atapproximately GBP 10,128,750. Completion of the Acquisition is expected to occur within 10 daysand is subject to all regulatory requirements being fulfilled. TheConsideration Shares will rank pari passu with the existingOrdinary Shares and application will be made for the ConsiderationShares to be admitted to trading on AIM which is expected to occuron or about 31 May 2012.

The principal vendor of the Minority Interest is Colosseum HoldingsLimited, a company in which Mr Gualtiero Giori is indirectlyinterested. Mr Giori a founder of CMC Cameroon is a non-executivedirector of WAFM. As a result, the Acquisition is a related partytransaction under the AIM Rules. As a director of the Company Mr Giori is subject to a lock-inpursuant to which he has agreed not to dispose of his interests inOrdinary Shares before 9 January 2013.

In view of the significanceof the Acquisition which provides full ownership and operationalcontrol of the Company major asset in Cameroon, the IndependentDirectors consider having consulted with Beaumont Cornish Limited,the Company Nominated Adviser, that the terms of the Acquisitionare fair and reasonable insofar as the Company shareholders areconcerned. As at 30 September 2011 CMC Cameroon's total assets and netliabilities amounted to US$95,639 and USD 177,218 respectively. Inthe six months ended 30 September 2011 CMC Cameroon made a lossbefore tax of USD 99,533. Following the issue of the 18,500,000 new Ordinary Shares, therewill be a total of 277,449,579 Ordinary Shares of no par value inissue with voting rights.

The Company does not hold any OrdinaryShares in Treasury. Therefore the total number of Ordinary Sharesin the Company with voting rights will be 277,449,579 and thisnumber should be used by shareholders in the Company as thedenominator for the calculations by which they will determine ifthey are required to notify their interest in, or a change to theirinterest in, the share capital of the Company under the FinancialService Authority's Disclosure and Transparency Rules. Source - West African Minerals.

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