TIDMWRES
RNS Number : 4236S
W Resources PLC
15 November 2021
15 November 2021
W Resources Plc
("W" or the "Company")
Placing to Raise GBP750,000
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
Company with assets in Spain and Portugal, has completed a
placement of 12,500,000 ordinary shares of 0.1p per share
("Ordinary Shares") at 6p per Ordinary Share to raise GBP750,000
(the "Placing") before expenses to new and existing investors.
Following the award of the mining licence at the Régua tungsten
mine in Portugal, the majority of the funds raised from the Placing
will be used to progress the mine development and to accelerate the
environmental impact study report this quarter, as the team works
towards first production in H2 2022.
The Company will also use part of the funds at the La Parrilla
mine in Spain to improve the laboratories, finished goods warehouse
and spare parts warehouse to ensure there are no internal
bottlenecks as the Company moves towards its T2 production targets
in Q1 2022.
Symmall Pty Limited, as trustee of the Masterman Superannuation
Fund of which Mr Michael Masterman (Chairman of the Company) is
both a beneficiary and trustee, and Mr James Argalas, a
Non-Executive director of the Company are investing GBP100,000 and
GBP50,000 respectively on the same terms as the other participants
in the Placing. Subscribers under the Placing have been offered
warrants to subscribe for new ordinary shares ("Warrants") in
conjunction with the Placing Shares on the basis of 1 Warrant for
every 1 Ordinary Share subscribed for. The Warrants are exercisable
at any time in the two years following admission of the Placing
Shares to trading on AIM at an exercise price of 12p per share.
Related Party Transactions
The participations in the Placing by Symmall Pty Limited and Mr
James Argalas fall to be treated as a related party transactions
under Rule 13 of the AIM Rules for Companies. The independent W
directors, being the W directors other than Mr Michael Masterman
and Mr James Argalas consider, having consulted with the Company's
nominated adviser Grant Thornton UK LLP, that the terms of the
share subscriptions by Symmall Pty Limited and Mr James Argalas are
fair and reasonable insofar as the Company's shareholders are
concerned.
Settlement and Dealings
Application has been made for the 12,500,000 Ordinary Shares
being issued in connection with the Placing to be admitted to
trading on AIM ("Admission"), with Admission expected to occur on
or around 29 November 2021.
Total Voting Rights
Following Admission, the Company's enlarged issued share capital
will comprise 133,058,257 Ordinary Shares with voting rights. The
Company has no shares held in Treasury. This figure of 133,058,257
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.
Michael Masterman, Chairman of W Resources, commented: "We are
delighted to have recently been awarded two licences from the
Directorate General for Energy and Geology in Portugal. T he Régua
tungsten mining licence and th e Assumar gold prospect exploration
licence are both valuable assets within our mining portfolio.
Whilst realising added value from the Assumar prospect is a longer
term opportunity, the Company expects production of tungsten from
the Régua mine to commence in H2 2022."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
Enquiries:
W Resources Plc Grant Thornton UK LLP
Paul Hailes, CFO Colin Aaronson / Harrison Clarke
investor@wresources.com / Lukas Girzadas
www.wresources.com T: +44 (0) 20 7383 5100
Broker Alma PR
Alternative Resource Capital / Justine James
Shard Capital T: +44 (0) 20 3405 0205
Alex Wood M: +44 (0) 7525 324431
T:+44 (0) 20 7186 9004 wres@almapr.co.uk
www.altrescap.com
Damon Heath
T:+44 (0) 20 7186 9952
www.shardcapital.com
Notifications of Transactions of Persons Discharging Managerial
Responsibility and Persons Closely Associated with them
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 Initial notification
/ Amendment
--------------------------------------- ----------------------------------------
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 Ordinary shares of 0.1 pence each
financial instrument,
type of instrument
Identification code GB00BKQN5R41
b) Nature of the transaction Subscription for shares
c) Price(s) and volume(s)
------------------ -----------------
Price(s) Volume(s)
------------------ -----------------
6 pence 1,666,666
--------------------------------------------------------------- -----------------
d) Aggregated information N/A Single transaction
- Price
e) Date of the transaction 15 November 2021
f) Place of the transaction Outside of a trading venue
--------------------------------------- ----------------------------------------
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 Initial notification
/ Amendment
--------------------------------------- ---------------------------------------------------
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 Warrants to subscribe for ordinary
financial instrument, shares of 0.1 pence each at 12 pence
type of instrument per share, expiring 29 November 2023
Identification code For ordinary shares: GB00BKQN5R41
b) Nature of the transaction Issue of warrants pursuant to a subscription
for shares
c) Price(s) and volume(s)
----------------------- -----------------------
Price(s) Volume(s)
----------------------- -----------------------
Nil 1,666,666
-------------------------------------------------------------------- -----------------------
d) Aggregated information N/A Single transaction
- Price
e) Date of the transaction 15 November 2021
f) Place of the transaction Outside of a trading venue
--------------------------------------- ---------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name James Argalas
--------------------------------------- ----------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------
a) Position / status Non-Executive Director
--------------------------------------- ----------------------------------------
b) Initial notification Initial notification
/ Amendment
--------------------------------------- ----------------------------------------
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 Ordinary shares of 0.1 pence each
financial instrument,
type of instrument
Identification code GB00BKQN5R41
b) Nature of the transaction Subscription for shares
c) Price(s) and volume(s)
------------------ -----------------
Price(s) Volume(s)
------------------ -----------------
6 pence 833,333
--------------------------------------------------------------- -----------------
d) Aggregated information N/A Single transaction
- Price
e) Date of the transaction 15 November 2021
f) Place of the transaction Outside of a trading venue
--------------------------------------- ----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name James Argalas
--------------------------------------- ---------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------------
a) Position / status Non-Executive Director
--------------------------------------- ---------------------------------------------------
b) Initial notification Initial notification
/ Amendment
--------------------------------------- ---------------------------------------------------
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 Warrants to subscribe for ordinary
financial instrument, shares of 0.1 pence each at 12 pence
type of instrument per share, expiring 29 November 2023
Identification code For ordinary shares: GB00BKQN5R41
b) Nature of the transaction Issue of warrants pursuant to a subscription
for shares
c) Price(s) and volume(s)
----------------------- -----------------------
Price(s) Volume(s)
----------------------- -----------------------
Nil 833,333
-------------------------------------------------------------------- -----------------------
d) Aggregated information N/A Single transaction
- Price
e) Date of the transaction 15 November 2021
f) Place of the transaction Outside of a trading venue
--------------------------------------- ---------------------------------------------------
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END
IOEBABITMTMBBPB
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