Simeon Tshisangama

December 04, 2014 14:56 ET

Early Warning Regarding African Metals Corporation; Simeon Tshisangama Acquires Additional Common Shares

TORONTO, ONTARIO--(Marketwired - Dec. 4, 2014) - Simeon Tshisangama, the President of TSM Entreprise sprl ("TSM"), and a director of African Metals Corporation (the "Corporation"), announces that, between October 8, 2014 and December 3, 2014, he acquired 237,000 common shares of AFR through the facilities of the TSX Venture Exchange representing 2.13% of the issued and outstanding common shares of AFR. On October 8, 2014, Mr. Tshisangama issued a news release and filed an early warning report announcing that he, together with TSM, held or controlled an aggregate of 12,089,233 common shares of AFR which represented approximately 10.9% of the issued and outstanding common shares of AFR. On October 9, 2014, the AFR shares commenced trading on the TSX Venture Exchange on a consolidated basis. On a post-consolidated basis, there are approximately 11,108,682 common shares issued and outstanding. Mr. Tshisangama, together with TSM, held 1,208,923 post consolidated common shares of AFR on the date of consolidation. Since the last early warning report, Mr. Tshisangama reached the additional 2% reporting threshold on December 3, 2014 with the acquisition of 15,000 common shares of AFR at a price of $0.055 per share.

Mr. Tshisangama, together with TSM, now holds or controls an aggregate of 1,445,923 common shares of AFR which represent approximately 13% of the issued and outstanding common shares of AFR. Mr. Tshisangama also owns a total of 45,000 stock options exercisable at $1.00 per share. If Mr. Tshisangama exercises his options and no other outstanding options are exercised, he and TSM will own a total of 1,490,923 common shares representing approximately 13.4% of the issued and outstanding shares of AFR on a partially diluted basis. Including Mr. Tshisangama's stock options, there are a total of 280,000 stock options outstanding exercisable at $1.00 per share. A directors' resolution to re-price the 280,000 stock options has not been ratified and approved. The information regarding the outstanding stock options is as of the date of this news release and does not reflect what further decisions may be made by the directors with respect to stock options.

The above noted securities held by Mr. Tshisangama and TSM are held for investment purposes. Mr. Tshisangama believes the AFR common shares are undervalued at the current market price. These investments will be reviewed on a continuing basis and such holdings may be increased or decreased in the future.

This news release is being issued as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Further information (including a copy of the early warning report to be filed on SEDAR) can be obtained at www.sedar.com under AFR's company profile by contacting Simeon Tshisangama as set out below.

Contact Information

  • Simeon Tshisangama
    3715 Rue De Lisbonne
    Brossard, Quebec J4Y 3G2
    Telephone: 514-443-4977