W Resources PLC Placing to Raise £1.5 million (9223J)
05 April 2018 - 5:52PM
UK Regulatory
TIDMWRES
RNS Number : 9223J
W Resources PLC
05 April 2018
5 April 2018
W Resources Plc
("W" or the "Company")
Placing to Raise GBP1.5 million
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 300,000,000
ordinary shares of 0.1p per share ("Ordinary Shares") at 0.5p per
Ordinary Share to raise GBP1,500,000 (the "Placing"), before
expenses to new and existing shareholders of W.
Further to the US$35m BlackRock financing, W's broker Turner
Pope Investments (TPI) Ltd received expressions of interest from
existing investors and institutional investors. The financing and
subsequent EUR5.3m Grant by the Junta de Extremadura Government has
underpinned the development of W's flagship project La Parrilla in
Spain as it heads into production in early Q1 2019.
This Placing enables W to accelerate development on its
Portuguese projects, in particular at the Régua and Tarouca
Tungsten projects in Northern Portugal and also consider other
significant entry stage metal opportunities. Régua will be prepared
for trial mining through 2018 as key approvals and land access are
now securely in place. Tarouca infill drilling will target defining
high grade zones which would be integrated into the Régua plant
development which is approximately 20km away. The high grades at
both these projects offer opportunities to further increase W
tungsten production going into 2019.
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 19 April 2018.
Following admission of the new Ordinary Shares, the Company's
enlarged issued share capital will comprise 5,478,074,605 Ordinary
Shares with voting rights. The Company has no shares held in
Treasury. This figure of 5,478,074,605 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 / Jen
T: +44 (0) 20 7193 7463 Clarke / Harrison 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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