West African Iron Ore Corp. (TSXV:WAI) announced a non-brokered private placement of up 46,000,000 post-consolidation common shares at CAD 0.05 per share for gross proceeds of up to CAD 2,300,000 on February 26, 2015. The transaction will be completed in three tranches, with the first tranche of up to CAD 600,000.

The second tranche, of up to CAD 800,000 will be made available to existing shareholders of the company. If subscriptions received in respect of the second tranche exceed CAD 800,000, shares will be allocated pro rata among all subscribers to this tranche. Insiders and subscribers of the transaction may make up any shortfall in subscriptions received in the second tranche.

The second tranche of the transaction will be open for acceptance for a period of seven calendar days from the date of the news release. The third tranche, of up to CAD 900,000, will be completed upon the permits for the company. All securities issued pursuant to the transaction will be subject to a hold period prescribed by securities law.

No finder's fees will be paid in connection with the transaction. The completion of the transaction remains subject to certain conditions, but not limited to, receipt of all required regulatory approval.