Kerman & Co advise AIM listed client on placing to raise approximately £3.7 million
February 5, 2014
Kerman & Co advised long-standing client, West African Minerals Corporation (WAFM), the West Africa focused iron ore company, on the placing of 52,797,738 new ordinary shares at a placing price of 7p per share, together with one warrant for each two placing shares, to raise approximately £3.7 million. Each warrant is exercisable for one new ordinary share at a price of 10p per ordinary share for a period of two years.
WAFM intends to use the proceeds to fund the development of its Binga licence in Cameroon, through a staged work programme in 2014.
Michael Corcoran (Partner) assisted by Asad Qayyum (Associate) advised WAFM in relation to the placing.