TIDMWRES

RNS Number : 2035V

W Resources PLC

29 November 2019

29 November 2019

W Resources Plc

("W" or the "Company")

Issue of Shares and Financing Update

W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, has issued 90,000,000 ordinary shares of 0.1p per share ("Ordinary Shares") at a price of 0.40p per Ordinary Share to a new Spanish investor who has experience in the mining industry for a total placement value of GBP360,000. These funds will be used to provide working capital during the ramp-up period at La Parrilla.

Financing update

As mentioned in the announcement dated 15 November 2019 the Company is advanced in finalising an additional debt facility of approximately EUR1.0m. The company confirms that it continues to expect to receive the EUR5.3 million grant from the Junta de Extremadura in Q1 2020. A further financing update will be provided in due course.

Settlement and Dealings

Application will be made for the new Ordinary Shares being issued in connection with the Placing to be admitted to trading on AIM with admission expected to occur on or around 5 December 2019.

Total Voting Rights

Following admission of the new Ordinary Shares, the Company's enlarged issued share capital will comprise 6,378,427,640 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 6,378,427,640 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

 
 W Resources Plc                      Grant Thornton UK LLP 
  Michael Masterman                    Colin Aaronson / Seamus Fricker 
  T: +44 (0) 20 7193 7463              T: +44 (0) 20 7383 5100 
  www.wresources.com 
 Joint Broker                         Joint Broker 
  Turner Pope Investments (TPI) Ltd    Alternative Resource Capital / 
  Andy Thacker                         Shard Capital 
  T: +44 (0) 203 657 0050              Alex Wood 
  www.turnerpope.com                   T:+44 (0) 207 186 9004 
                                       www.altrescap.com 
 
                                       Damon Heath 
                                       T:+44 (0) 207 186 9952 
                                       www.shardcapital.com 
 Alma PR 
  Justine James 
  M: +44 (0) 7525 324431 
  wres@almapr.co.uk 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

November 29, 2019 09:48 ET (14:48 GMT)

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