15 Dec 2020 11:21
15 December 2020
W Resources Plc
("W" or the "Company")
Review of Warrants
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal has recently carried out a review of its outstanding warrants.
The review identified approximately 471 million of warrants issued in April and May 2019 which are due to expire at the end of December 2020. After careful review and giving full consideration to both the delays at the La Parrilla tungsten and tin project and the global effects of Covid-19 the Company has decided to extend the expiry date of these warrants to 31 December 2021. The Company has 7,269,220,952 shares in issue and 1,378,645,592 warrants.
All other aspects of the warrants are unchanged and are listed below:
Investor Name | Warrants | Exercise Price | Value | Issued | Initial Expiry | New Expiry |
Peel Hunt Holdings Ltd | 46,428,572 | £0.0060 | 278,571.43 | 18/04/2019 | 31/12/2020 | 31/12/2021 |
Trium Capital Managers Ltd | 21,428,572 | £0.0060 | 128,571.43 | 18/04/2019 | 31/12/2020 | 31/12/2021 |
Jim Nominees Limited | 260,714,284 | £0.0060 | 1,564,285.70 | 18/04/2019 | 31/12/2020 | 31/12/2021 |
Jim Nominees Limited | 71,428,572 | £0.0060 | 428,571.43 | 18/04/2019 | 31/12/2020 | 31/12/2021 |
Symmall Pty Limited | 35,714,284 | £0.0060 | 214,285.70 | 22/05/2019 | 31/12/2020 | 31/12/2021 |
Beronia Investments Pty Ltd | 35,714,284 | £0.0060 | 214,285.70 | 22/05/2019 | 31/12/2020 | 31/12/2021 |
Michael Masterman, Chairman, is both a beneficiary and trustee of Symmall Pty Limited and Byron Pirola, who retired as a director of W on 30 March 2020, is associated with Beronia Investments Pty Ltd, both of which companies are subject to the warrant extension. Accordingly, in the case of each, the extension to the expiry date of the warrants constitutes a related party transaction under Rule 13 of the AIM Rules for Companies. The independent directors, having consulted with the Company's nominated adviser, Grant Thornton UK LLP, consider that the terms of the transactions are fair and reasonable insofar as the Company's shareholders are concerned.
Further to the 26 November 2020 update on La Parrilla, tungsten and tin production rates are continuing to build and the Company will announce the Q4 2020 production update in January 2021.
1
| Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Michael Masterman (Legal person: Symmall Pty Ltd) | |||
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 | Warrants to acquire ordinary shares of 0.1p ("Ordinary Shares") at a price of 0.6p per Ordinary Share | |||
Identification code | For the Ordinary Shares: GB00B0358H47 | ||||
b) | Nature of the transaction | Extension of warrant expiry date from 31 December 2020 to 31 December 2021 | |||
c) | Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
N/A | 35,714,284 | ||||
d) | Aggregated information | ||||
- Aggregated volume | N/A | ||||
- Price | |||||
e) | Date of the transaction | 15 December 2020 | |||
f) | Place of the transaction | Outside a trading venue | |||
Information communicated 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.
Enquiries:
W Resources Plc Paul Hailes, CFO investor@wresources.com www.wresources.com | Grant Thornton UK LLP Colin Aaronson / Seamus Fricker T: +44 (0) 20 7383 5100 |
Joint Broker Turner Pope Investments (TPI) Ltd Andy Thacker / Zoe Alexander T: +44 (0) 203 657 0050 www.turnerpope.com | Joint Broker Alternative Resource Capital / Shard Capital Alex Wood T:+44 (0) 20 7186 9004 www.altrescap.com Damon Heath T:+44 (0) 20 7186 9952 www.shardcapital.com |
Alma PR Justine James T: +44 (0) 20 3405 0205 M: +44 (0) 7525 324431 wres@almapr.co.uk |