W Resources PLC Placing to Raise GBP2.5m. Total Voting Rights (7549Y)
17 Mayo 2021 - 1:00AM
UK Regulatory
TIDMWRES
RNS Number : 7549Y
W Resources PLC
17 May 2021
17 May 2021
W Resources Plc
("W" or the "Company")
Placing to Raise GBP2.5m
Institutional Investors Join Shareholder Register
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
Company with assets in Spain and Portugal, has completed a
placement of 28,278,610 ordinary shares of 0.1p per share
("Ordinary Shares") at 8p per Ordinary Share to raise GBP2.26
million (the "Placing") before expenses to new and existing
investors. Michael Masterman, W's Chairman, intends to participate
and invest GBP250,000 on the same terms as the Placing, once the
Company has published its accounts for the year ended 31 December
2020 and the Company is no longer in a closed period; this will
increase the fundraising to cGBP2.5 million. The Company will
publish its accounts in the coming weeks.
Subscribers under the Placing have been offered warrants to
subscribe for new ordinary shares ("Warrants") in conjunction with
the Placing Shares on the basis of 1 Warrant for every 2 Ordinary
Shares subscribed for. The Warrants are exercisable at any time in
the two years following admission of the Placing Shares to trading
on AIM at an exercise price of 12p per share.
The placement brings new institutional investors on to the
register, strengthening institutional participation in the
register.
As announced in March 2021, the management and operations team
at La Parrilla in Spain are taking steps to lower the water level
and regain access to the higher-grade ore and it is envisioned that
these steps will create a permanent solution covering the life of
the mine.
The majority of the funds raised from the Placing will be used
to achieve the permanent solution to high water levels thereby
giving access to higher-grade ore and significantly increasing
tungsten and tin production at the La Parrilla mine as well as
providing additional working capital to cover the ramp-up in
production.
Until the works are completed, the W team continues to process
mid and lower level grade ore. Access to high-grade ore is expected
to re-commence in Q3 2021.
Tungsten recovery rates continue to improve and were circa 50%
during the month of April 2021.
Related Party Transaction
Oscar Marin Garcia, a former non-executive Director, has
invested cGBP86,000 (EUR100,000) in the Placing, through a family
owned company.
As Mr. Garcia ceased to be a director within the last 12 months,
his participation in the Placing falls to be treated as a related
party transaction under Rule 13 of the AIM Rules for Companies. The
W directors consider, having consulted with the Company's nominated
adviser Grant Thornton UK LLP, that the terms of the transaction
are fair and reasonable insofar as its shareholders are
concerned.
Settlement and Dealings
Application has been made for the 28,278,610 Ordinary Shares
being issued in connection with the Placing to be admitted to
trading on AIM ("Admission"), with Admission expected to occur on
or around 21 May 2021 .
Total Voting Rights
Following Admission, the Company's enlarged issued share capital
will comprise 109,102,437 Ordinary Shares with voting rights. The
Company has no shares held in Treasury. This figure of 109,102,437
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.
Michael Masterman, Chairman of W Resources, commented: "We are
delighted to welcome new institutions to our shareholder register
and look forward to increasing production, sales and profitability
as we regain access to the higher-grade ore at La Parrilla. The
second half of 2021 should see positive operational cashflow and a
turnaround in creating shareholder value."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. 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
Paul Hailes, CFO Colin Aaronson / Harrison Clarke
investor@wresources.com / Lukas Girzadas
www.wresources.com T: +44 (0) 20 7383 5100
Joint Broker Joint Broker
Turner Pope Investments (TPI) Alternative Resource Capital /
Ltd Shard Capital
Andy Thacker / James Pope Alex Wood
T: +44 (0) 203 657 0050 T:+44 (0) 20 7186 9004
www.turnerpope.com www.altrescap.com
Damon Heath
T:+44 (0) 20 7186 9952
www.shardcapital.com
Alma PR
Justine James
T: +44 (0) 20 3405 0205
M: +44 (0) 7525 324431
wres@almapr.co.uk
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