5 Apr 2018 08:52
5 April 2018
W Resources Plc
("W" or the "Company")
Placing to Raise £1.5 million
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 300,000,000 ordinary shares of 0.1p per share ("Ordinary Shares") at 0.5p per Ordinary Share to raise £1,500,000 (the "Placing"), before expenses to new and existing shareholders of W.
Further to the US$35m BlackRock financing, W's broker Turner Pope Investments (TPI) Ltd received expressions of interest from existing investors and institutional investors. The financing and subsequent €5.3m Grant by the Junta de Extremadura Government has underpinned the development of W's flagship project La Parrilla in Spain as it heads into production in early Q1 2019.
This Placing enables W to accelerate development on its Portuguese projects, in particular at the Régua and Tarouca Tungsten projects in Northern Portugal and also consider other significant entry stage metal opportunities. Régua will be prepared for trial mining through 2018 as key approvals and land access are now securely in place. Tarouca infill drilling will target defining high grade zones which would be integrated into the Régua plant development which is approximately 20km away. The high grades at both these projects offer opportunities to further increase W tungsten production going into 2019.
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 19 April 2018.
Following admission of the new Ordinary Shares, the Company's enlarged issued share capital will comprise 5,478,074,605 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 5,478,074,605 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.
Enquiries:
W Resources Plc Michael Masterman T: +44 (0) 20 7193 7463 www.wresources.co.uk | Grant Thornton UK LLP Colin Aaronson / Jen Clarke / Harrison Clarke T: +44 (0) 20 7383 5100 |
Turner Pope Investments (TPI) Ltd Andy Thacker T: +44 (0) 203 621 4120 www.turnerpope.com | Gable Communications Justine James T: +44 (0) 20 7193 7463 M: +44 (0) 7525 324431 |