West African Iron Ore Renews Forécariah Licenses and Provides Financing Update

West African Iron Ore (TSXV:WAI) announced that the Minister of Mines and Geology of the Republic of Guinea granted its first renewal for its Forécariah permits, under Decree number: A 2012/10253/MMG/SGG, valid for a period of 24 months. The Company also reported that financing is moving forward because of the Forecariah licenses renewal.

As quoted in the press release:

… The three renewed exploration licenses held by WAI’s wholly owned subsidiary Sky Alliance Ressources Guinée S.A. (“SARG”), cover an area of 1,050 km² in the province of Forécariah. SARG has a management office in Conakry, the capital city of the Republic of Guinea, maintains and manages ground operations on the property from exploration bases in the city of Forécariah and a base camp near the village of Bokaria.
… Any debentures issued pursuant to the LOI will now be converted into common shares of the Company at the greater of the market price of the Company’s shares at the time of issuance of the Debentures or the conversion price of CAD$0.10 per share. CIF’s aggregate beneficial ownership of common shares of the Company may not exceed 19.9% of the issued and outstanding common shares of the Company at the time of exercise.

Click here to read the West African Iron Ore (TSXV:WAI) press release
Click here to see the West African Iron Ore (TSXV:WAI) profile.