West African Minerals Corporation Board Changes and Corporate Update (3616W)
14 November 2017 - 3:12AM
UK Regulatory
TIDMWAFM
RNS Number : 3616W
West African Minerals Corporation
13 November 2017
For immediate release
13 November 2017
West African Minerals Corporation
("West African" or the "Company")
Board changes and corporate update
The Board of the Company announces that Jim Mellon and Gerard
Holden have both resigned as directors of the Company (and its
subsidiaries) with effect from today. Willy Simon, an existing
non-executive director of the Company, has been appointed Acting
Chairman following these changes.
The continuing Board of the Company is therefore now as
follows:
Willy Simon Acting Chairman
Andrew Gutmann Non-Executive Director
Kunwar Shailuhbai Non-Executive Director
The continuing Board has also today amended the composition of
its standing Board committees to reflect these Board changes. The
Audit Committee will now comprise Mr Willy Simon (Chairman of the
committee) and Dr Kunwar Shailubhai. The Remuneration committee
will now comprise Dr Kunwar Shailubhai (Chairman of the committee)
and Mr Andrew Gutmann.
The continuing Board is reviewing the strategy for the future
development of the Company, including the options for the Company's
iron ore interests in Cameroon which mainly comprise the Sanaga
project. The continuing Board has decided not to progress Sanaga
any further itself at this time bearing in mind the difficulties of
finding commercial partners and / or buyers for Sanaga in
continuing challenging market conditions for junior exploration
companies in the iron ore sector. The continuing Board does not
intend therefore to expend any further funds on the Company's iron
ore assets other than is strictly required to maintain the licences
in good standing and preserve value pending any prospective sale of
the assets. The continuing Board is considering all options in
respect of the Company's existing iron interests, including whether
to separate the Company's interests by means of a demerger or
otherwise and seeking investment opportunities in a different
sector, and in particular life sciences. The Board is also
assessing whether to remain on AIM or seek admission to another
recognised market and a further announcement will be made in due
course as and when this review has been completed.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information contact:
West African Minerals Corporation Willy Simon +44 (0)20 7382 8300
Roland Cornish
Beaumont Cornish Limited (Nominated Adviser) Michael Cornish +44 (0)20 7628 3396
Beaufort Securities Limited (Broker) Jon Belliss +44 (0)20 7382 8300
Further information is available on the Company's website:
www.westafricanminerals.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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