BWA Group Plc Subscription for New Shares & Holdings in the Company

 
TIDMBWAP 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 
OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. 
 
30 June 2023 
 
BWA Group PLC 
 
("BWA" or the "Company") 
 
Subscription for New Shares 
 
Holdings in the Company 
 
BWA Group plc [AQSE:BWAP], which has mineral exploration licences in 
bothCameroonandCanadaat various stages of development and is quoted on London's 
AQSE Growth Market, is pleased to announce that it has raised £175,000 through 
the subscription of new ordinary shares of 0.5 pence each ("Ordinary Shares") 
from existing shareholders (the "Subscription"). 
 
Under the subscription, a total of 35,000,000 new Ordinary Shares at a price of 
0.5 pence per share ("Subscription Shares") will be issued. It is expected that 
the funds raised under the Subscription will be utilised for general working 
capital purposes. 
 
The subscriptions are from three existing significant shareholders, Mike Cass, 
Jonathan Wearing and former Chairman Richard Battersby. This step is regarded by 
the board of directors (the "Board") as the first in a series of steps, 
initially to provide the Company with adequate working capital for the immediate 
future, and thereafter, to provide the necessary investment and funding to 
enable BWA, via its Cameroon operations to achieve Initial Mineral Resource 
Estimates (MRE), and Preliminary Economic Assessment (PEA), prepared and 
reported in accordance with JORC Code (2012). 
 
The Board has received initial indications of funding support from the above 
major shareholders, who on their own or together with other investors, will 
provide the necessary funding so to enable BWA to significantly advance its five 
Cameroon Heavy Mineral Sands licences. 
 
+-----------+----------+------------+------------+------------+-------------+ 
|Shareholder|Amount    |Current     |Subscription|Enlarged    |% of Enlarged| 
|           |Subscribed|Shareholding|Shares      |Shareholding|Share Capital| 
+-----------+----------+------------+------------+------------+-------------+ 
|D M Cass   |£81,250   |33,532,022  |16,250,000  |49,782,022  |10.02%       | 
+-----------+----------+------------+------------+------------+-------------+ 
|J Wearing 1|£81,250   |20,290,000  |16,250,000  |36,540,000  |7.36%        | 
+-----------+----------+------------+------------+------------+-------------+ 
|R Battersby|£12,500   |94,676,314  |2,500,000   |97,176,314  |19.57%       | 
|2          |          |            |            |            |             | 
+-----------+----------+------------+------------+------------+-------------+ 
 
 1. Mr Wearing's holding includes Tricastle Investments Limited, a company he 
controls. 
 2. Mr Battersby's holding include shares held by The Bank of New York 
(Nominees) Limited and CGWM Nominees Limited as nominees for Bath Group Limited 
and Second Neric Limited, both of which companies he controls. 
 
As Mr Battersby has an existing interest in more than 10% of the Company's 
Ordinary Shares, the Subscription constitutes a related party transaction under 
the AQSE Growth Market Access Rules.  The Board has concluded, having exercised 
reasonable care, skill and diligence, that the related party transactions are 
fair and reasonable as far as the shareholders of the Company are concerned. 
 
The Subscription Shares will be allotted under the Company's existing unspent 
share issue authorities and are expected to be admitted to trading on the AQSE 
Growth Market on 6 July 2023 ("Admission").  On Admission, the Company will have 
496,658,507 Ordinary Shares in issue, each with one voting right. The Company 
does not hold any shares in treasury and therefore the total number of voting 
rights in the Company is 496,658,507. This figure should be used by shareholders 
from Admission as the denominator for the calculations by which they will 
determine if they are required to notify their interest in, or a change to their 
interest in the Company under the FCA's Disclosure Guidance and Transparency 
Rules. 
 
The Board are responsible for the contents of this announcement. 
 
Ends - 
 
For further information: 
 
BWA Group PLC               [phone] 
James Butterfield           [e-mail] 
Interim Chairman 
Allenby Capital Limited     [phone] 
Corporate Adviser 
Nick Harriss/Lauren Wright 
 
Note 
 
Heavy Mineral Sands are typically predominantly Rutile, Ilmenite, Kyanite and 
Zircon, which all have significant uses in present manufacturing, energy 
storage, paint, and medical and EV's and for which there is significant and 
growing demand: 
 
Rutile - Natural rutile is the cleanest, purest form of titanium dioxide and 
titanium minerals are sold as pigments for plastics, paper and paints, but also 
growing market in titanium metals and for EV's, medical equipment and welding 
products. 
 
Ilmenite - A Secondary source of titanium after processing. 
 
Zircon - Growing demand for industries in consumer electronics and ceramics. 
 
Kyanite - Refractories used in ceramics, precision castings, and refractory 
additives and most recently in geothermal heat storage facilities. 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

June 30, 2023 09:00 ET (13:00 GMT)