BWA Group PLC Update on Legal Action

 
TIDMBWAP 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 
        OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. 
 
                                                                 11 August 2022 
 
                                 BWA Group PLC 
 
                          ("BWA" or the "Company") 
 
                            Update on Legal Action 
 
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, provides an update in relation to the legal action 
against St-Georges Eco-Mining Corp. ("SGEM"), which was first announced on 31 
December 2021. 
 
The Company has recently received a request from SGEM to convert part of their 
holding of convertible loan notes issued in partial consideration of the 
Company's acquisition of Kings of the North Corp. in 2019, the acquisition of 
which is the subject of the legal action.  Following consultation with the 
Company's lawyers in both the UK and Canada, the Company has declined to accept 
the request until the legal action is concluded as the convertible loan notes 
form an integral element of the action.  SGEM expressed their wish to convert 
the maximum proportion of their holding of £2,151,409 convertible loan notes 
(full details of which were announced on 5 September 2019, including the 
maximum level of the Company's voting rights that they may hold at any one 
time). 
 
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/Freddie Wooding 
 
 
 
END 
 
 

(END) Dow Jones Newswires

August 11, 2022 02:00 ET (06:00 GMT)