15th Nov 2021 14:12
15 November 2021
W Resources Plc
("W" or the "Company")
Placing to Raise £750,000
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining Company with assets in Spain and Portugal, has completed a placement of 12,500,000 ordinary shares of 0.1p per share ("Ordinary Shares") at 6p per Ordinary Share to raise £750,000 (the "Placing") before expenses to new and existing investors.
Following the award of the mining licence at the Régua tungsten mine in Portugal, the majority of the funds raised from the Placing will be used to progress the mine development and to accelerate the environmental impact study report this quarter, as the team works towards first production in H2 2022.
The Company will also use part of the funds at the La Parrilla mine in Spain to improve the laboratories, finished goods warehouse and spare parts warehouse to ensure there are no internal bottlenecks as the Company moves towards its T2 production targets in Q1 2022.
Symmall Pty Limited, as trustee of the Masterman Superannuation Fund of which Mr Michael Masterman (Chairman of the Company) is both a beneficiary and trustee, and Mr James Argalas, a Non-Executive director of the Company are investing £100,000 and £50,000 respectively on the same terms as the other participants in the Placing. 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 1 Ordinary Share 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.
Related Party Transactions
The participations in the Placing by Symmall Pty Limited and Mr James Argalas fall to be treated as a related party transactions under Rule 13 of the AIM Rules for Companies. The independent W directors, being the W directors other than Mr Michael Masterman and Mr James Argalas consider, having consulted with the Company's nominated adviser Grant Thornton UK LLP, that the terms of the share subscriptions by Symmall Pty Limited and Mr James Argalas are fair and reasonable insofar as the Company's shareholders are concerned.
Settlement and Dealings
Application has been made for the 12,500,000 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 29 November 2021.
Total Voting Rights
Following Admission, the Company's enlarged issued share capital will comprise 133,058,257 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 133,058,257 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 have recently been awarded two licences from the Directorate General for Energy and Geology in Portugal. The Régua tungsten mining licence and the Assumar gold prospect exploration licence are both valuable assets within our mining portfolio. Whilst realising added value from the Assumar prospect is a longer term opportunity, the Company expects production of tungsten from the Régua mine to commence in H2 2022."
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
W Resources Plc Paul Hailes, CFO www.wresources.com | Grant Thornton UK LLP Colin Aaronson / Harrison Clarke / Lukas Girzadas T: +44 (0) 20 7383 5100 |
Broker Alternative Resource Capital / Shard Capital Alex Wood T:+44 (0) 20 7186 9004 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 |
Notifications of Transactions of Persons Discharging Managerial Responsibility and Persons Closely Associated with them
1
| Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Michael Masterman (Legal person: Symmall Pty Ltd) | |||
2 | Reason for the notification | ||||
a) | Position / status | Chairman | |||
b) | Initial notification / Amendment | Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | W Resources Plc | |||
b) | LEI | 213800H66EK87TAOS666 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 0.1 pence each | |||
Identification code | GB00BKQN5R41 | ||||
b) | Nature of the transaction | Subscription for shares | |||
c) | Price(s) and volume(s) |
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| Price(s) | Volume(s) |
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| 6 pence | 1,666,666 |
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d) | Aggregated information | N/A Single transaction | |||
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- Price |
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e) | Date of the transaction | 15 November 2021 | |||
f) | Place of the transaction | Outside of a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Michael Masterman (Legal person: Symmall Pty Ltd) | |||
2 | Reason for the notification | ||||
a) | Position / status | Chairman | |||
b) | Initial notification / Amendment | Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | W Resources Plc | |||
b) | LEI | 213800H66EK87TAOS666 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
a) | Description of the financial instrument, type of instrument | Warrants to subscribe for ordinary shares of 0.1 pence each at 12 pence per share, expiring 29 November 2023 | |||
Identification code | For ordinary shares: GB00BKQN5R41 | ||||
b) | Nature of the transaction | Issue of warrants pursuant to a subscription for shares | |||
c) | Price(s) and volume(s) |
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| Price(s) | Volume(s) |
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| Nil | 1,666,666 |
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d) | Aggregated information | N/A Single transaction | |||
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| ||||
- Price |
| ||||
e) | Date of the transaction | 15 November 2021 | |||
f) | Place of the transaction | Outside of a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | James Argalas | |||
2 | Reason for the notification | ||||
a) | Position / status | Non-Executive Director | |||
b) | Initial notification / Amendment | Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | W Resources Plc | |||
b) | LEI | 213800H66EK87TAOS666 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
a) | Description of the financial instrument, type of instrument | Ordinary shares of 0.1 pence each | |||
Identification code | GB00BKQN5R41 | ||||
b) | Nature of the transaction | Subscription for shares | |||
c) | Price(s) and volume(s) |
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|
|
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| Price(s) | Volume(s) |
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| 6 pence | 833,333 |
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| |
d) | Aggregated information | N/A Single transaction | |||
|
| ||||
- Price |
| ||||
e) | Date of the transaction | 15 November 2021 | |||
f) | Place of the transaction | Outside of a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | James Argalas | |||
2 | Reason for the notification | ||||
a) | Position / status | Non-Executive Director | |||
b) | Initial notification / Amendment | Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | W Resources Plc | |||
b) | LEI | 213800H66EK87TAOS666 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
a) | Description of the financial instrument, type of instrument | Warrants to subscribe for ordinary shares of 0.1 pence each at 12 pence per share, expiring 29 November 2023 | |||
Identification code | For ordinary shares: GB00BKQN5R41 | ||||
b) | Nature of the transaction | Issue of warrants pursuant to a subscription for shares | |||
c) | Price(s) and volume(s) |
|
|
|
|
|
| Price(s) | Volume(s) |
| |
|
| Nil | 833,333 |
| |
|
|
|
|
| |
d) | Aggregated information | N/A Single transaction | |||
|
| ||||
- Price |
| ||||
e) | Date of the transaction | 15 November 2021 | |||
f) | Place of the transaction | Outside of a trading venue | |||
Related Shares:
WRES.L