TSX VENTURE EXCHANGE: WAI
VANCOUVER, July 30, 2015 /CNW/ - WAI Capital Investments
Corp. (the "Company", formerly West African Iron Ore Corp.)
(WAI: TSX-V) announces that the Company is actively pursuing a new
exploration-stage project in Central
America, to add to the Company's existing portfolio.
Discussions are at an advanced stage, and the Company will provide
further updates as soon as information is available.
Renewal of the Forécariah
Permits
The Company has received approval from local authorities in
Guinea to renew the Company's
existing Forécariah Permits for an additional twenty-four (24)
months. This renewal represents the second extension of the
permits, following the expiration of the first renewal period on
November 8th, 2014. The terms
of the extension require that the Company relinquish fifty (50%)
percent of the surface area of the permits, and therefore the total
surface area covered by the renewed permits is expected to be 525
square kilometers (km2). The renewal also imposes increased
exploration expenditure commitments, which the Company views as
unreasonable in the circumstances. As a result, the Company's
local team in Guinea has been
required to seek revisions of this expectation from the Guinean
Government. The Company is not in a position to provide a
reliable timeframe for this revision, and will provide further
updates as the situation evolves.
Notice of Default
The Company also announces that it has received a Notice of
Default from China International Fund Ltd. ("CIF"), under the terms
of certain convertible debentures issued to CIF. The notice
suggests the Company has triggered an event of default under the
convertible debentures, and the maturity of the debt has been
accelerated. CIF has requested payment in full of the
principal, and all accrued interest, by July
31, 2015.
The Company is of the opinion that an event of default has not
occurred, and a request has been made to CIF to provide the grounds
upon which a default has occurred. To date, no response has
been received from CIF and, without a satisfactory explanation, the
Company considers the convertible debentures to be in good
standing. For further information regarding the convertible
debentures, and the Company's ongoing relationship with CIF,
readers are advised to review the Company's news releases of
September 4, 2012 and May 1, 2014.
Update on Finances
The Company is currently evaluating all of its options to raise
additional capital, including the sale of assets through the normal
course of business. The Company also continues to work with
CIF to reach an agreement for the advance of additional funds to
the Company under the terms of the credit facility in place with
CIF.
Continued uncertainty surrounding the renewal of the Company's
Forécariah permits, and a lack of direction from CIF, does not
allow the Company to close for the time being, the remaining third
tranche of its $0.05 private
placement, announced on February 26,
2015, for proceeds of $900,000. The funds for this tranche remain
in escrow pending written confirmation from the government of
Guinea that a renewal of the
Forécariah permits has been granted based on an acceptable
exploration budget, or when the Company acquires an additional
resource project. Proceeds from the Private Placement will be used
for general working capital and for evaluation and acquisition of
additional resource projects.
About the Company
WAI Capital Investments Corp., is a diversified investment and
management company aiming to become the most respected and trusted
development partner of natural resource and infrastructure
projects.
ON BEHALF OF THE BOARD
Guy
Duport
CEO
guyduport@waicapital.com
Tel:
604-558-1198
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 WAI Capital Investments Corp.