11 Mar 2016 07:00
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11 March 2016
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W Resources Plc
("W" or the "Company")
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Placing to Raise £750k
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W Resources Plc (AIM:WRES), a tungsten, copper and gold mining, exploration and development company, has completed a placement of 166,666,664 ordinary shares of 0.1p per share ("Ordinary Shares") at 0.45p per Ordinary Share to raise approximately £750,000 (the "Placing"), before expenses.
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 17 March 2016. The funds raised will be used for the mine and plant engineering at La Parrilla and Régua, resource estimation at São Martinho and general working capital.
Related Party Transaction
The placees include 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 16,666,666 Ordinary Shares amounting to £75,000 and Mr. David Garland (a director of the Company) who has subscribed for 5,555,555 Ordinary Shares amounting to £25,000.
The participation in the Placing of Mr. Masterman and Mr. David Garland falls to be treated as a related party transaction under AIM Rule 13. The independent director, being Dr. Pirola, having consulted with Grant Thornton UK LLP (the Company's nominated adviser), confirms that he is satisfied that the terms of Mr. Masterman and Mr. Garland's participation in the Placing are fair and reasonable insofar as the Company's shareholders are concerned.
Following the issue of all new Ordinary Shares, the Company will have 3,860,604,157 Ordinary Shares in issue and:
- Mr. Michael Masterman (and related parties) will be interested in 945,882,501 Ordinary Shares in the Company, representing 24.50 per cent of the Company's total voting rights; and
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- Mr. David Garland will be interested in 5,555,555 Ordinary Shares in the Company, representing an interest of 0.14 per cent in the total voting rights.
Following admission of the new Ordinary Shares, the Company's enlarged issued share capital will comprise 3,860,604,157 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 3,860,604,157 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 and Transparency Rules.
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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 Â |
SI Capital Andy Thacker / Nick Emerson T: +44 (0) 1483 413500 www.sicapital.co.uk | Gable Communications Justine James T: +44 (0) 20 7193 7463 M: +44 (0) 7525 324431 |
Northland Capital Partners Limited Gerry Beaney / David Hignell (Corporate Finance) John Howes / Abigail Wayne (Corporate Broking) T: +44 (0) 20 7382 1100 www.northlandcp.co.uk |
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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 CAA / Portalegre copper-gold project in Portugal.
The Company's deposits and tungsten mine developments offer a low cost, high margin resource development opportunity due to a strong market following for Tungsten, increased trading and a forecast shortage of supply.
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.