W Resources PLC Placing to Director to Raise an Additional £100k (8604S)
06 October 2017 - 5:00PM
UK Regulatory
TIDMWRES
RNS Number : 8604S
W Resources PLC
06 October 2017
6 October 2017
W Resources Plc
("W" or the "Company")
Placing to Director to Raise an Additional GBP100,000
Further to its announcement of earlier today, 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 26,666,666 ordinary shares of 0.1p per
share ("Ordinary Shares") at 0.375 p per Ordinary Share to raise
GBP100,000 (the "Placing") on the same terms as the placing
announced earlier today.
The additional placing 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 26,666,666 Ordinary Shares amounting to
GBP100,000.
The participation in the Placing of Symmall Pty Limited falls to
be treated as a related party transaction under AIM Rule 13. The
independent Directors, being Mr. David Garland and Mr. Byron
Pirola, having consulted with Grant Thornton UK LLP (the Company's
nominated adviser), confirm that they are satisfied that the terms
of Symmall Pty Limited participation in the Placing are fair and
reasonable insofar as the Company's shareholders are concerned.
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 12 October 2017.
Following admission of the new Ordinary Shares, the Company's
enlarged issued share capital will comprise 5,156,646,034 Ordinary
Shares with voting rights. The Company has no shares held in
Treasury. This figure of 5,156,646,034 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.
Following the issue of the new Ordinary Shares, Mr. Michael
Masterman (and related parties) will be interested in 1,081,065,648
Ordinary Shares in the Company, representing an interest of 20.96
per cent in the total voting rights of the Company.
The notification below is made in accordance with the
requirements of the EU Market Abuse Regulation.
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
Turner Pope Investments (TPI) Gable Communications
Ltd Justine James
Andy Thacker T: +44 (0) 20 7193 7463
T: +44 (0) 203 621 4120 M: +44 (0) 7525 324431
www.turnerpope.com
The information contained 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.
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. Tungsten
and Tin prices have increased significantly over the last 12 months
and Tungsten is in the EUs 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.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------
a) Name Michael Masterman
---- ----------------------------- -----------------------------
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 Ordinary Share of 0.1p
the financial
instrument, type
of instrument
----
Identification GB00B0358H47
code
b) Nature of the Placing for cash
transaction
---- ----------------------------- -----------------------------
c) Price(s) and volume(s)
---- ----------- -------------
Price(s) Volume(s)
---- ----------- -------------
0.375p 26,666,666
----------- -------------
d) Aggregated information
----
- Aggregated volume 26,666,666
- Price 0.375p
e) Date of the transaction 5 October 2017
---- ----------------------------- -----------------------------
f) Place of the transaction Outside a trading venue
---- ----------------------------- -----------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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