13 May 2014 15:05
13 May 2014
W Resources Plc
("W" or the "Company")
W Resources Placing
W Resources Plc (AIM:WRES), a tungsten, copper and gold exploration, production and development company with assets in Spain and Portugal announces that it has completed a placement of 97,000,000 ordinary shares of 0.1p per share ("Ordinary Shares") at 0.80p per Ordinary Share to raise approximately £776,000 (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 19 May 2014.
Following the issue of the new Ordinary Shares, the Company will have 2,184,418,308 Ordinary Shares in issue.
Michael Masterman, Chairman of W, commented: "The capital raising provides the working capital to drive La Parrilla into tungsten production and continue the momentum of our successful copper-gold and tungsten exploration at CAA / Portalegre and Tarouca".
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 22,500,000 Ordinary Shares amounting to £180,000. The participation in the Placing of Mr. Masterman falls to be treated as a related party transaction under AIM Rule 13. The independent director, being Dr Byron Pirola, having consulted with Grant Thornton UK LLP (the Company's nominated adviser), confirms that he is satisfied that the terms of Mr Masterman's participation in the Placing are fair and reasonable insofar as the shareholders of the Company are concerned.
Following the issue of the new Ordinary Shares, Mr Michael Masterman (and related parties) will be interested in 771,594,339 Ordinary Shares in the Company, representing an interest of 35.32 per cent in the total voting rights.
Enquiries:
W Resources Plc | Grant Thornton UK LLP |
Michael Masterman | Colin Aaronson / Melanie Frean / Jen Clarke |
T: +44 (0) 20 7193 7463 | T: +44 (0) 20 7383 5100 |
www.wresources.co.uk | |
SI Capital | Gable Communications |
Andy Thacker / Nick Emerson | Justine James |
T: +44 (0) 1483 413500 | T: +44 (0) 20 7193 7463 |
www.sicapital.co.uk | M: +44 (0) 7525 324431 |
About W
In 2012, W Resources Plc (AIM:WRES) made the successful transition into a tungsten 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 due to a strong market following for Tungsten, increased trading and a forecast shortage of supply. The price of tungsten has more than doubled in past three years and is in the 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.