West African Minerals Corporation

WAFM: 1.40 0.00 (0.00%)

Delayed:2018-02-02 16:57:09
Bid Price 1.00 High Price 0.00
Ask Price 1.50 Low Price 0.00
Open Price 0.00 Spread 40.00%
Prev Close 1.25 Volume 0.00

West African Minerals Corporation Share Price Chart


Historic - 1 year

West African Minerals Corporation Share Price Information

Name West African Minerals Corporation Epic WAFM
Sector ISIN VGG9544K1021
Activites Security Type Equity

Key numbers

Latest Share Price (p) 0.00 Net Gearing (%)
Market Cap (£m) 0.00 Gross Gearing (%)
Shares in issue (m) 0.00 Debt Ratio
P/E Ratio Debt-to-Equity Ratio
Divs per share (p) Assets / Equity Ratio
Dividend Yield (%) Price to book value
Dividend Cover SROCE (%)
Earning per share (p) EPS Growth (%)
52-week high / low (p) 0.00 / 0.00 DPS Growth (%)

West African Minerals Corporation Broker Views

Date Broker Rec. Price Old target price New target price Notes
04 Dec SP Angel Buy 1.40 Reiterates
22 Oct Beaufort Securities Speculative Buy 1.40 Reiterates
21 Oct SP Angel Buy 1.40 Reiterates
30 Sep SP Angel Buy 1.40 Reiterates
29 Jul SP Angel Buy 1.40 Reiterates

West African Minerals Corporation Director Deals

West African Minerals Corporation Company News

West African Minerals becomes Okyo Pharma

West African Minerals said a shareholder-approved change of the company's name to Okyo Pharma had become effective.

The company's shares would commence trading on the AIM under the new ticker OKYO on 5 February.

At 2:16pm: (LON:WAFM) West African Minerals Corporation share price was 0p at 1.25p

Story provided by StockMarketWire.com

West African Minerals updates on proposed disposal

West African Minerals has confirmed that, following a previous announcement regarding its decision to halt progress at the Sanaga Project and not to expend any further funds on the Company's iron ore assets, the Board has now concluded its review of the disposal options and proposes to dispose of all the Company's remaining iron interests to Shareholders by way of the Special Dividend.

The Company said:

"The Board proposes to make an in specie distribution of its entire holding of Ferrum Shares (Ferrum holds, indirectly, all the Company's remaining Cameroon licences, including the Sanaga Project) to Shareholders by way of the Special Dividend. The Board believes the Special Dividend will enable Shareholders to share in any future potential sale of the Sanaga Project or Ferrum itself."

It added: "Ferrum will, as a result of the Special Dividend, cease to be part of the Group. Ferrum will owe $4,000,000 to WAFM. This $4,000,000 is made up of the written down value of all of the existing loans to Ferrum and its subsidiaries together with a new working capital loan of $600,000 (£447,761) which is expected to cover the basic working capital needs of Ferrum and the Sanaga Project for the next 18 months following completion of the Disposal."

In addition, Andrew Gutmann has informed the Board that he intends to step down as a director with effect from the conclusion of the General Meeting on the basis that the Company is now embarking on a new direction.

A General Meeting has been convened for 10 January to seek the necessary approval from Shareholders.

In light of the proposed new business activity the Board also proposes to change the name of the Company to OKYO Pharma Corporation, subject to Shareholder approval at the General Meeting.

At 2:21pm: (LON:WAFM) West African Minerals Corporation share price was +0.13p at 1.75p

Story provided by StockMarketWire.com

West African Minerals losses widen

West African Minerals has reported a total comprehensive loss of £19.4m for the for the period to 30 September, compared to a loss of £0.07m for the same period last year.

Total Assets decreased to £2.8m (31 March 2017: £22.2m), with a complete impairment of the Sanaga assets recognised during the period.

Cash on hand equates to £2.67m (31 March 2017: £3.15m).

The Directors do not propose the payment of a dividend for the period (2016: £nil).

In terms of outlook, the Company said:

"Following the period end, the Board undertook a review of the strategy for the future development of the Company. Considering the continuing challenging market conditions for junior exploration companies, and the difficulties in finding commercial partners and / or buyers for the Sanaga Project, a decision has been taken not to progress the Sanaga Project any further. The Company will not expend any further funds on the Sanaga Project, other than those that are required to maintain the project licences in good standing, and to preserve value pending any future sale of the Project.

"The 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 an in specie distribution to shareholders 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."

At 1:10pm: (LON:WAFM) West African Minerals Corporation share price was 0p at 2p

Story provided by StockMarketWire.com

West African Minerals appoints new non-exec

West African Minerals has announced the appointment of Dr Kunwar Shailubhai as a non-executive director of the Company with immediate effect.

At 1:54pm: (LON:WAFM) West African Minerals Corporation share price was 0p at 3.13p

Story provided by StockMarketWire.com

West African Minerals updates on Sanaga potential

West African Minerals Corp said the scoping study on the Sanaga Iron Ore Project, Cameroon, indicated robust economics and favourable capital and operating cost fundamentals for an open pit iron ore mine and concentrator using transportation to the Cameroon coast.

This transport would be either by barging down the Sanaga River and transhipping at sea, or using a slurry pipeline to a port in the vicinity of Yoyo.

The Sanaga deposit contained previously released CIM compliant mineral resources of 82.9 Mt @ 32.1% Fe.

The Sanaga Project was situated in coastal Cameroon, 70 km from the Atlantic Ocean, with access to existing road and power infrastructure.

Story provided by StockMarketWire.com