21 August 2013
Allion Legal acts for West African Resources Limited on a British Columbian Plan of Arrangement to acquire Channel Resources Limited. Principal Simon Rear and Senior Associate Michael Jools are acting for West African on the Australian law aspects of a proposed initial placement and Plan of Arrangement under the British Columbian law, announced on the ASX and TSX Venture Exchange on 14 August 2013. Under the proposed Plan of Arrangement Channel shareholders will receive 1 West African share for every 4 Channel shares that they hold as well as 1 West African share purchase warrant for every 2 West African shares received. The transaction builds upon West African’s existing portfolio of gold exploration assets in Burkina Faso. Upon completion of the proposed transaction, the combined entity is expected to have a market capitalisation of approximately A$35-40 million.