BWA Group Plc Subscription for New Shares & Holdings in the Company
30 June 2023 - 11:00PM
UK Regulatory
TIDMBWAP
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11
OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
30 June 2023
BWA Group PLC
("BWA" or the "Company")
Subscription for New Shares
Holdings in the Company
BWA Group plc [AQSE:BWAP], which has mineral exploration licences in
bothCameroonandCanadaat various stages of development and is quoted on London's
AQSE Growth Market, is pleased to announce that it has raised £175,000 through
the subscription of new ordinary shares of 0.5 pence each ("Ordinary Shares")
from existing shareholders (the "Subscription").
Under the subscription, a total of 35,000,000 new Ordinary Shares at a price of
0.5 pence per share ("Subscription Shares") will be issued. It is expected that
the funds raised under the Subscription will be utilised for general working
capital purposes.
The subscriptions are from three existing significant shareholders, Mike Cass,
Jonathan Wearing and former Chairman Richard Battersby. This step is regarded by
the board of directors (the "Board") as the first in a series of steps,
initially to provide the Company with adequate working capital for the immediate
future, and thereafter, to provide the necessary investment and funding to
enable BWA, via its Cameroon operations to achieve Initial Mineral Resource
Estimates (MRE), and Preliminary Economic Assessment (PEA), prepared and
reported in accordance with JORC Code (2012).
The Board has received initial indications of funding support from the above
major shareholders, who on their own or together with other investors, will
provide the necessary funding so to enable BWA to significantly advance its five
Cameroon Heavy Mineral Sands licences.
+-----------+----------+------------+------------+------------+-------------+
|Shareholder|Amount |Current |Subscription|Enlarged |% of Enlarged|
| |Subscribed|Shareholding|Shares |Shareholding|Share Capital|
+-----------+----------+------------+------------+------------+-------------+
|D M Cass |£81,250 |33,532,022 |16,250,000 |49,782,022 |10.02% |
+-----------+----------+------------+------------+------------+-------------+
|J Wearing 1|£81,250 |20,290,000 |16,250,000 |36,540,000 |7.36% |
+-----------+----------+------------+------------+------------+-------------+
|R Battersby|£12,500 |94,676,314 |2,500,000 |97,176,314 |19.57% |
|2 | | | | | |
+-----------+----------+------------+------------+------------+-------------+
1. Mr Wearing's holding includes Tricastle Investments Limited, a company he
controls.
2. Mr Battersby's holding include shares held by The Bank of New York
(Nominees) Limited and CGWM Nominees Limited as nominees for Bath Group Limited
and Second Neric Limited, both of which companies he controls.
As Mr Battersby has an existing interest in more than 10% of the Company's
Ordinary Shares, the Subscription constitutes a related party transaction under
the AQSE Growth Market Access Rules. The Board has concluded, having exercised
reasonable care, skill and diligence, that the related party transactions are
fair and reasonable as far as the shareholders of the Company are concerned.
The Subscription Shares will be allotted under the Company's existing unspent
share issue authorities and are expected to be admitted to trading on the AQSE
Growth Market on 6 July 2023 ("Admission"). On Admission, the Company will have
496,658,507 Ordinary Shares in issue, each with one voting right. The Company
does not hold any shares in treasury and therefore the total number of voting
rights in the Company is 496,658,507. This figure should be used by shareholders
from Admission as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to their
interest in the Company under the FCA's Disclosure Guidance and Transparency
Rules.
The Board are responsible for the contents of this announcement.
Ends -
For further information:
BWA Group PLC +44 7770 225253
James Butterfield enquiries@bwagroupplc.com
Interim Chairman
Allenby Capital Limited +44 20 3328 5656
Corporate Adviser
Nick Harriss/Lauren Wright
Note
Heavy Mineral Sands are typically predominantly Rutile, Ilmenite, Kyanite and
Zircon, which all have significant uses in present manufacturing, energy
storage, paint, and medical and EV's and for which there is significant and
growing demand:
Rutile - Natural rutile is the cleanest, purest form of titanium dioxide and
titanium minerals are sold as pigments for plastics, paper and paints, but also
growing market in titanium metals and for EV's, medical equipment and welding
products.
Ilmenite - A Secondary source of titanium after processing.
Zircon - Growing demand for industries in consumer electronics and ceramics.
Kyanite - Refractories used in ceramics, precision castings, and refractory
additives and most recently in geothermal heat storage facilities.
This information was brought to you by Cision http://news.cision.com
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