W Resources PLC Placing to Directors to raise £100,000 (3169I)
June 16 2017 - 4:57AM
UK Regulatory
TIDMWRES
RNS Number : 3169I
W Resources PLC
16 June 2017
16 June 2017
W Resources Plc
("W" or the "Company")
Placing to Directors to Raise an additional GBP100,000
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 35,714,284
ordinary shares of 0.1p per share ("Ordinary Shares") at 0.28p per
Ordinary Share to raise GBP100,000 (the "Placing"), to two of the
Company's Directors, Mr Michael Masterman and Dr Byron Pirola on
the same terms as the placing announced on Tuesday 14 June
2017.
The placees comprise 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 17,857,142 Ordinary Shares amounting to
GBP50,000 and Beronia Investments Pty Ltd ATF Duke Trust of which
Dr. Byron Pirola (a director of the Company) is both a beneficiary
and trustee, which has subscribed for 17,857,142 Ordinary Shares
amounting to GBP50,000
In addition, the Company's Directors, Mr Michael Masterman and
Dr Byron Pirola have been offered warrants to subscribe for new
ordinary shares ("Warrants") in conjunction with the Placing Shares
on a 1:1 basis. The Warrants are exerciseable at any time in the
two years following admission of the Placing Shares to trading on
AIM at an exercise price of 0.42p per share.
Related Party Transaction
The participation in the Placing of Mr. Masterman and Dr. Pirola
falls to be treated as a related party transaction under Rule 13 of
the AIM Rules for Companies. The independent director, Mr. David
Garland, considers, having consulted with the Company's nominated
adviser, that the terms of the transaction are fair and reasonable
insofar as its shareholders are concerned..
Following the issue of the new Ordinary Shares:
- Mr. Michael Masterman (and related parties) will be interested
in 1,054,398,982 Ordinary Shares in the Company, representing an
interest of 21.77 per cent in the total voting rights of the
Company; and
- Dr. Byron Pirola (and related parties) will be interested in
296,638,318 Ordinary Shares in the Company, representing an
interest of 6.13 per cent in the total voting rights of the
Company.
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 22 June 2017.
Following admission of the new Ordinary Shares, the Company's
enlarged issued share capital will comprise 4,842,638,828 Ordinary
Shares with voting rights. The Company has no shares held in
Treasury. This figure of 4,842,638,828 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 Grant Thornton UK LLP
Michael Masterman Colin Aaronson / Harrison
T: +44 (0) 20 7193 7463 Clarke
www.wresources.co.uk T: +44 (0) 20 7383 5100
SI Capital - Joint Broker 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
Turner Pope Investments (TPI) Ltd - Joint
Broker
Ben Turner / James Pope
T: +44 (0) 203 621 4120
www.turnerpope.com
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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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