Information  X 
Enter a valid email address

West African Mineral (WAFM)

  Print      Mail a friend

Tuesday 27 March, 2012

West African Mineral

Grant of Options

RNS Number : 1138A
West African Minerals Corporation
27 March 2012
 



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


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
RDSBRGDXCBDBGDL