On 15 November 2014, BVI-based company Atlas Mara Co-Nvest Limited granted options over a total of 145,000 ordinary shares to its Chief Financial Officer Arina McDonald. All such options are exercisable at a price of US$9.50 per ordinary share (the closing price on 14 November 2014). According to company’s further announcement, on 17 November 2014 its CFO was issued 161,527 ordinary shares, as a result of awards she had to forego from her previous employment.
Ms McDonald currently holds 161,527 ordinary shares in the Company and 145,000 options under the Company’s Global Share Option Plan.
It is expected that the 161,527 ordinary shares will be admitted to trading on the London Stock Exchange on or around 20 November 2014.
West African Minerals Corporation announced that it has issued 52,797,738 new ordinary shares at a placing price of 7p per share, together with one warrant for each two shares, to raise approximately £3.7 million before expenses subject to admission. Each warrant is exercisable for one new ordinary share at a price of 10p per ordinary share for a period of two years.
The new shares will rank equally with the existing ordinary shares in issue and application will be made for them to be admitted to trading on AIM. The placing shares will represent 15.44 per cent of the enlarged share capital of the BVI corporation. The Warrants are unlisted and will not be admitted to trading on AIM.
Some major shareholders of West African Minerals Corporation had indicated that they were willing to support a fund raising should this be approved by the Board. Following the issue of the Placing Shares, the company’s issued share capital will consist of 341,893,917 ordinary shares, with voting rights.
British Virgin Islands-registered Chaarat Gold Holdings Limited announced the issue of 5,700,000 new ordinary shares of US$0.01, at a placing price of 46 pence per share, to ASVI Inc. ASVI is a company based in Malaysia, providing high end technical support to mining projects.
Following the issue of the Placing Shares there will be 147,033,900 ordinary shares of US$0.01 in issue. The Placing, which is being conducted under the existing power granted to the Directors to allot shares, is expected to be completed on 15 November 2010, on admission of the Placing Shares to trading on AIM.
The anticipated investment of approximately £2 million by China Nonferrous Metals International Mining Co Ltd has been canceled due to the regulatory delays in obtaining approval for the investment. ASVI indicated its interest in purchasing the shares from the canceled subscription, thus generating approximately 15% more cash for the company than through the CNMIM investment.
CEO of Chaarat Dekel Golan in his comments on the transaction said that ASVI’s substantial expertise will assist Chaarat, by providing high level consulting advice including on the exploration and project development of the Chaarat projects.
Orca Exploration Group Inc. announced closing of its previously announced rights offering. The BVI Group issued 4,955,687 Class B Subordinated Voting shares at a price of $3.90 per share, for gross proceeds of $19,327,179.
The Class B shares were issued to persons who exercised rights issued under the Rights Offering, and to the company Haywood Securities Inc.
Orca Exploration Group plans to use the proceeds of the Rights Offering for exploration and drilling in the Songo Songo West exploration prospect in Tanzania in the second half of 2011, and to accelerate the commercialisation of the company’s existing gas reserves in Tanzania through the infrastructure development. Some of the funds will be allocated to the development of energy infrastructure through the newly formed division of the company, EastCoast Transmission and Marketing.