1st Jul 2016 10:45
01 July 2016
W Resources Plc
("W" or the "Company")
Issue of Equity: Performance Shares
W Resources (AIM:WRES), a tungsten, copper and gold exploration, production and development company, announces that application has been made for 29,000,000 ordinary shares of 0.1p per share ("Ordinary Shares") at 0.4p per Ordinary Share to be admitted to trading on the AIM market of the London Stock Exchange.
The new Ordinary Shares are being issued to the lead consultants of the Company for the success in delivery of critical milestones in 2016 and for the expected delivery of the La Parrilla and Régua development and execution plans in the September quarter. Approvals have been achieved smoothly ahead of schedule and unit capital and operating costs are expected to improve.
Application will be made for the new Ordinary Shares to be admitted to trading on AIM which is expected to occur on or around 06 July 2016.
Following admission of the new Ordinary Shares, the Company's enlarged issued share capital will comprise 3,996,759,712 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 3,996,759,712 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 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
W Resources Plc (AIM:WRES) made the successful transition into a tungsten exploration, production and development company with projects in Spain and Portugal, following two acquisitions in 2012. Projects now include La Parrilla, a tungsten project in Spain and Régua and Tarouca Tungsten projects and the CAA / 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