26th Mar 2015 14:17
26 March 2015
W Resources Plc
("W" or the "Company")
Additional Placing of £200,000
W Resources Plc (AIM:WRES), a tungsten, copper and gold mining, exploration, development and production company has raised an additional £200,000 supplementary to the Placing it completed on 20 March 2015.
The Placing comprises the issue of 100,000,000 ordinary shares of 0.1p per share ("Ordinary Shares") at 0.2p per share to raise £200,000 before expenses and the funds will be utilised to complete the repayment of the Bergen convertible note. As announced, W had proposed to repay the balance of the convertible note of US$550,000 in cash within the next few weeks and these funds have expedited this process.
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 2 April 2015.
Following admission of the new Ordinary Shares, the Company's enlarged issued share capital will comprise 3,173,937,497 Ordinary Shares with voting rights. This figure of 3,173,937,497 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 Disclosure and Transparency Rules.
Enquiries:
W Resources Plc | Grant Thornton UK LLP |
Michael Masterman | Colin Aaronson / Jen Clarke / Harrison Clarke |
T: +44 (0) 20 7193 7463 | T: +44 (0) 20 7383 5100 |
www.wresources.co.uk | |
SI Capital | Gable Communications |
Andy Thacker / Nick Emerson | Justine James |
T: +44 (0) 1483 413500 | T: +44 (0) 20 7193 7463 |
www.sicapital.co.uk | M: +44 (0) 7525 324431 |
About W
In 2012, W Resources Plc (AIM:WRES) made the successful transition into a tungsten production exploration and development company with projects in Spain and Portugal, following two acquisitions. Projects now include La Parrilla, a tungsten project in Spain and Régua and Tarouca Tungsten projects and the Portalegre copper-gold project in Portugal.
The Company's deposits and tungsten mine developments offer a low cost, high margin resource development opportunity due to a strong market following for Tungsten, increased trading and a forecast shortage of supply. The price of tungsten has more than doubled in past three years and is in the top 5 critical metals list.
The Board is focused to explore further opportunities in the region with a view to building a mid-tier minor metal producer.
The Company was incorporated in England and Wales in 2004.
Related Shares:
WRES.L