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WRES W Resources Plc

2.65
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
W Resources Plc LSE:WRES London Ordinary Share GB00BKQN5R41 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.65 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

W Resources PLC Placing to Raise GBP2.5m. Total Voting Rights (7549Y)

17/05/2021 7:00am

UK Regulatory


W Resources (LSE:WRES)
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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 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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(END) Dow Jones Newswires

May 17, 2021 02:00 ET (06:00 GMT)

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