27 Sep 2017 08:57
27 September 2017
W Resources Plc
("W" or the "Company")
Issue of Shares
W Resources Plc (AIM:WRES), the tungsten, copper and gold, production, exploration and development company with assets in Spain and Portugal, has issued 40,540,540 ordinary shares of 0.1p per share ("Ordinary Shares") at 0.37p per Ordinary Share to ICD Alloys and Metals LLP ("ICD").
The share issue to ICD forms part of their support in the plant start-up, in setting up off-take contracts and repays the balance of the advance received in 2016.
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 3 October 2017.
Following admission of the new Ordinary Shares, the Company's enlarged issued share capital will comprise 4,883,179,368 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 4,883,179,368 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.
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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. Tungsten and Tin prices have increased significantly over the last 12 months and Tungsten is in the EUs 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.