6 Oct 2017 07:00
6 October 2017
W Resources Plc
("W" or the "Company")
Placing to Director to Raise an Additional £100,000
Further to its announcement of earlier today, W Resources Plc (AIM:WRES), the tungsten, copper and gold, production, exploration and development company with assets in Spain and Portugal, has completed a placement of 26,666,666 ordinary shares of 0.1p per share ("Ordinary Shares") at 0.375 p per Ordinary Share to raise £100,000 (the "Placing") on the same terms as the placing announced earlier today.
The additional placing Symmall Pty Limited as trustee of the Masterman Superannuation Fund of which Mr. Michael Masterman (a director of the Company) is both a beneficiary and trustee, which has subscribed for 26,666,666 Ordinary Shares amounting to £100,000.
The participation in the Placing of Symmall Pty Limited falls to be treated as a related party transaction under AIM Rule 13. The independent Directors, being Mr. David Garland and Mr. Byron Pirola, having consulted with Grant Thornton UK LLP (the Company's nominated adviser), confirm that they are satisfied that the terms of Symmall Pty Limited participation in the Placing are fair and reasonable insofar as the Company's shareholders are concerned.
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 12 October 2017.
Following admission of the new Ordinary Shares, the Company's enlarged issued share capital will comprise 5,156,646,034 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 5,156,646,034 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.
Following the issue of the new Ordinary Shares, Mr. Michael Masterman (and related parties) will be interested in 1,081,065,648 Ordinary Shares in the Company, representing an interest of 20.96 per cent in the total voting rights of the Company.
The notification below is made in accordance with the requirements of the EU Market Abuse Regulation.
Enquiries:
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The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1
| Details of the person discharging managerial responsibilities / person closely associated | ||||
a)
| Name | Michael Masterman | |||
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 Share of 0.1p | |||
Identification code | GB00B0358H47 | ||||
b)
| Nature of the transaction | Placing for cash | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
0.375p | 26,666,666 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 26,666,666 | ||||
- Price | 0.375p | ||||
e)
| Date of the transaction | 5 October 2017 | |||
f)
| Place of the transaction | Outside a trading venue | |||