15 Mar 2016 07:00
15 March 2016
W Resources Plc
("W" or the "Company")
Placing to Raise additional £100k
W Resources Plc (AIM:WRES), a tungsten, copper and gold mining, exploration and development company, announces, it has completed an additional placement of 22,222,222 ordinary shares of 0.1p per share ("Ordinary Shares") at 0.45p per Ordinary Share, to raise £100,000 (the "Placing"), before expenses.
This additional placing is in response to additional demand following the £750,000 placing announced on 11 March 2016, and the combined funds will be used for the mine and plant engineering at La Parrilla and Régua, resource estimation at São Martinho and general working capital.
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 18 March 2016.
Following admission of the new Ordinary Shares, the Company's enlarged issued share capital will comprise 3,882,826,379 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 3,882,826,379 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.
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
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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 |
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.
WRES.L (WRES)