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
Guy
Duport
CEO
guyduport@waicapital.com
Tel:
604-558-1198
Investor Relations
Vanguard Shareholder
Solutions
Tel: 604-608-0824
Toll Free:
1-866-638-0824
ir@vanguardsolutions.ca
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.