BWA Group PLC Business & Funding Update

 
TIDMBWAP 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 
        OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. 
 
                                                                16 January 2023 
 
                                 BWA Group PLC 
 
                          ("BWA" or the "Company") 
 
                           Business & Funding Update 
 
BWA Group PLC [AQSE: BWAP], which has mineral exploration licences in 
both Cameroon and Canada at various stages of development and is quoted on 
London's AQSE Growth Market, announces an update on its funding and working 
capital position. 
 
The position set out in the announcements of 13 October 2022, 18 November 2022 
and 5 December 2022 is largely unchanged.  The board of directors of the 
Company (the "Board") continues to review alternative sources of capital and 
opportunities for the Company.  These include, but are not limited to: 
 
  * Further issues of Loan Notes; 
  * Disposals of assets; and 
  * Seeking additional capital at a subsidiary level. 
 
As a result of its perseverance and in-country mineral exploration activities, 
the Company has been granted three additional Heavy Mineral Sands Licences for 
rutile in Cameroon. As set out in the earlier RNS announcement of 13 December 
2022, the additional licences in Cameroon, increase the total licences 
exploration area to 1,268 sq. kms, more than doubling the exploration area of 
the first 2 licences. 
 
Furthermore, BWA, still has two additional contiguous Heavy Mineral Sands 
Licences for rutile applied for. 
 
The Board is currently involved in discussion, with NDA's exchanged, with three 
listed companies in Europe and North America involved in mineral exploration 
with a view to either entering into JV Agreements or outright sale of some of 
its mineral licences. 
 
Any such investment or proceeds could be into BWA, its subsidiaries or directly 
into projects. 
 
The Board is cognisant of the current difficulties in raising funds on public 
equity markets and is taking appropriate professional advice and as a result 
the Company continues to be supported by its directors, associates and 
shareholders through short-term loans. 
 
As at 6 January 2023 the Company had cash balances of £14,912 and current 
liabilities of £165,754.  The Board continues to seek to minimise any further 
expenditure until a solution can be found. 
 
Further to the announcement of 11 August 2022, that St-Georges Eco-Mining Corp. 
("SGEM") had commenced legal action in regard to their request to convert part 
of their holding of convertible loan notes ("CLN"), BWA, following consultation 
with its lawyers in both the UK and Canada, continues to decline to accept the 
request until its existing legal action in Canada is concluded as the CLN form 
an integral element of the action and as result is in the process of filing a 
Defence to the SGEM legal action. 
 
Further updates will be made as matters develop. 
 
The Directors of BWA 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 
 
 
 
END 
 
 

(END) Dow Jones Newswires

January 16, 2023 02:00 ET (07:00 GMT)