W Resources PLC Placing to Raise £1.5 million (9223J)

TIDMWRES

RNS Number : 9223J

W Resources PLC

05 April 2018

5 April 2018

W Resources Plc

("W" or the "Company")

Placing to Raise GBP1.5 million

W Resources Plc (AIM:WRES), the tungsten, copper and gold, production, exploration and development company with assets in Spain and Portugal, has completed a placement of 300,000,000 ordinary shares of 0.1p per share ("Ordinary Shares") at 0.5p per Ordinary Share to raise GBP1,500,000 (the "Placing"), before expenses to new and existing shareholders of W.

Further to the US$35m BlackRock financing, W's broker Turner Pope Investments (TPI) Ltd received expressions of interest from existing investors and institutional investors. The financing and subsequent EUR5.3m Grant by the Junta de Extremadura Government has underpinned the development of W's flagship project La Parrilla in Spain as it heads into production in early Q1 2019.

This Placing enables W to accelerate development on its Portuguese projects, in particular at the Régua and Tarouca Tungsten projects in Northern Portugal and also consider other significant entry stage metal opportunities. Régua will be prepared for trial mining through 2018 as key approvals and land access are now securely in place. Tarouca infill drilling will target defining high grade zones which would be integrated into the Régua plant development which is approximately 20km away. The high grades at both these projects offer opportunities to further increase W tungsten production going into 2019.

Application has been made for the new Ordinary Shares being issued in connection with the Placing to be admitted to trading on AIM which is expected to occur on or around 19 April 2018.

Following admission of the new Ordinary Shares, the Company's enlarged issued share capital will comprise 5,478,074,605 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 5,478,074,605 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.

Enquiries:

 
W Resources Plc                Grant Thornton UK LLP 
 Michael Masterman              Colin Aaronson / Jen 
 T: [phone]        Clarke / Harrison Clarke 
 www.wresources.co.uk           T: [phone] 
Turner Pope Investments (TPI)  Gable Communications 
 Ltd                            Justine James 
 Andy Thacker                   T: [phone] 
 T: [phone]        M: [phone] 
 www.turnerpope.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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April 05, 2018 03:52 ET (07:52 GMT)