18th Apr 2019 11:19
LONDON (Alliance News) - W Resources PLC on Thursday offered its existing warrants holders an early exercise of up to 210.7 million warrants to acquire new shares at a strike price of 0.42 pence each, in order to raise up to GBP1.0 million.
The warrants exercise will expire on June 20.
In return for electing to exercise the existing warrants early, the company is offering participating shareholders two new warrants for every existing one. Each new warrant will entitle the holder to subscribe for a new share at an exercise price of 0.60p until December 2020.
The company has already received commitments in respect of 201.6 million warrants, raising a total of GBP846,600.
"This exercise will bring in funding of over GBP1 million and will provide additional working capital in advance of W entering production and the commissioning of its new plant at La Parrilla Mine [Spain]", Chair Michael Masterman said.
W Resources shares were flat at 0.50p each.
Related Shares:
WRES.L