World Mining Services Ltd

August 31, 2010 12:00 ET

Market Update

31 August 2010

                                       World Mining Services Limited                                                   
                                     ("World Mining" or the "Company")
Following  the passing of the Resolutions at the General Meeting announced on 11 August 2010,  World  Mining
Services  is  pleased to announce that it has issued 3,700,000 new Ordinary Shares at a price of  0.27p  to
Southwood  Partners Group Inc ("Southwood") in lieu of fees owed to Southwood by the Company.  The  Company
has  also issued 3,700,000 new Ordinary Shares at a price of 0.27p to Rivington Street Ventures ("RSV")  in
lieu of fees owed. Following the issue of these shares, Marcus Yeoman has purchased 518,519 Ordinary Shares
from  RSV for £1,400 and 3,200,000 Ordinary Shares from Southwood for £8,640. Subsequent to the above
transactions, Marcus Yeoman has sold 3,718,519 shares to Mr. Graham Western for a price of 0.27p per share.
Graham Western is a strategic investor, active in the small-cap arena.

The Company would also like to announce the repurchase and cancellation of 20,919,198 Ordinary
Shares  from  Fundy Minerals Limited. These shares have been repurchased as part of the Disposal  Agreement
approved by shareholders on 11 August 2010.

Subsequent to the above issue and cancellation of shares, the Company now has a total of 56,304,703  shares
in issue.

Additionally, and as part of the Disposal process, Marcus Yeoman has agreed to subscribe for 10,000,000 new
Ordinary  Shares in the company, at a subscription price of 0.20p per share, raising £20,000. In  addition,
19,448,350  shares will be cancelled. The Company will update Shareholders on these final  aspects  of  the
Disposal process, announced on 11 August 2010 when completed.

RSV  now  holds  1,751,855 Ordinary Shares in World Mining representing 3.11% of the issued share  capital.
Jeffrey  Michel  now  holds directly and indirectly 7,635,405 Ordinary Shares in World Mining  representing
13.56%  of  the  issued share capital. As a result of the above disposal, Marcus Yeoman,  Chairman  of  the
Company,  currently  holds no shares in the Company and Graham Western holds 3,718,519 shares  representing
6.6%  of  the  issued share capital of the Company. Fundy Minerals Limited no longer holds  shares  in  the

Additionally, Jeffrey Michel, Dan Vanrenen and Roy Harding have now resigned as directors of  World  Mining
Services  Limited with immediate effect. The Board now consists of Marcus Yeoman, Executive  Chairman,  and
Roger Bennett, as Non Executive Director.

The  above  figure may be used by shareholders as the denominator for the calculations by which  they  will
determine  if  they are required to notify their interest in, or change to their interest in, World  Mining
Services Limited under the FSA's Disclosure and Transparency Rules.

The Directors of the issuer accept responsibility for this announcement.

World Mining Services Ltd                Tel:  +44(0)797 002 8442
Marcus Yeoman

Rivington Street Corporate Finance Ltd   Tel: +44(0)20 7562 3373
Eran Zucker

Contact Information

  • World Mining Services Ltd