VANCOUVER, March 30, 2015 /CNW/- WAI Capital Investments Corp. (the "Company", formerly West African Iron Ore Corp.) (WAI: TSX-V) is pleased to announce that the Company has completed its share consolidation and has closed the first and second tranches of the private placement previously announced on February 26, 2015 (NR15-01). In connection with closing of the private placement, the Company issued 19,895,000 post-consolidation common shares (the "Shares") at a price of $0.05 per share for gross proceeds of $994,750.00 (the "Offering"). The Company has also changed its name from "West African Iron Ore Corp." to "WAI Capital Investments Corp." effective immediately.
The securities issued by the Company in connection with this Offering are subject to a 4-month "hold period" expiring on August 1, 2015 as prescribed by the TSX Venture Exchange and applicable securities laws.
Share and Warrant Consolidation
Effective March 31st, 2015 at market opening, the Company's common shares will commence trading on a post-consolidated basis.
As a result of the consolidation, the Company's currently outstanding 176,942,548 common shares have been reduced to 17,694,255 common shares. Following the consolidation and the closing of the first and second tranches of the private placement, the Company now has 37,589,255 common shares issued and outstanding.
As a result of the consolidation, the Company's 45,000,000 issued share purchase warrants, exercisable at a price of $0.57 per warrant, have been adjusted to 4,500,000 issued warrants exercisable at a price of $5.70 per warrant. The expiry date of March 31, 2016 remains unchanged.
Update on Finances
The Company anticipates closing the final tranche of the private placement after the permits for the Company's Forécariah project have been renewed by the Government of Guinea and published in the Official Journal ("OJ") or when the Company acquires another resource project. On closing of the final tranche, the Company is expected to issue 18 million shares at a price of $0.05 per common share.
Early Warning Disclosure
As a result of the private placement, Guy Duport has acquired 7,405,000 post-consolidation common shares at a price of $0.05 per common share, representing approximately 19.70% of the issued and outstanding common shares of the Company. When combined with his existing share holdings, Mr. Duport owns and controls an aggregate of 7,500,000 common shares representing approximately 19.95% of the issued and outstanding common shares of the Company. Mr. Duport has acquired the common shares for investment purposes and may, in the future, acquire or dispose of the common shares through the market, privately or otherwise, as circumstances or market conditions warrant.
A copy of the early warning report relating to these holdings will be available under the Company's profile on SEDAR.
ON BEHALF OF THE BOARD
Vanguard Shareholder Solutions
Toll Free: 1-866-638-0824
Statements in this release that are forward-looking statements are subject to various risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk.
Readers should also refer to the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE West African Iron Ore Corp.
Image with caption: "WAI Capital Investments Corp. (CNW Group/West African Iron Ore Corp.)". Image available at: http://photos.newswire.ca/images/download/20150330_C6930_PHOTO_EN_13722.jpg
For further information: Guy Duport, CEO, firstname.lastname@example.org, Tel: 604-558-1198; Investor Relations, Vanguard Shareholder Solutions, Tel: 604-608-0824, Toll Free: 1-866-638-0824, email@example.com