RE: RNS5 Jan 2022 07:12
Placing
The challenges encountered in Q4 2021 led to unexpected pressure on cash flow and the Company is delighted by the support from offtake partner ICD which joins W's share register with an investment of £778,227 in addition to a further £55,106 investment by 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, which has subscribed for 918,434 Ordinary Shares on the same terms as ICD. The Placing is at a 26.3% premium to the Company's share price as at 31 December 2021.
ICD the Company's offtake partner for tungsten concentrate is supportive of the Company's development and is showing a great deal of confidence in the Company and the potential of the mine at La Parrilla due to the quality of concentrate W has delivered to date.