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Regulatory Story
Company W Resources PLC
TIDM WRES
Headline Early Exercise of Warrants
Released 09:31 18-Apr-2019
Number 6199W09

RNS Number : 6199W
W Resources PLC
18 April 2019
 

18 April 2019

 

 

W Resources Plc

("W" or the "Company")

 

 

Early Exercise of Warrants to Raise up to £1,035,000

 

W Resources Plc (AIM:WRES), the tungsten, copper and gold mining company with assets in Spain and Portugal, has through its broker Turner Pope Investments (TPI) Ltd ("TPI") offered its Existing Warrant holders early exercise of 210,714,286 warrants to acquire new ordinary shares of 0.1p each in the Company ("Ordinary Shares") with a strike price of 0.42p and an expiry date of  20 June 2019 ("Existing Warrants"). The Existing Warrants represent the unexercised warrants which were awarded to investors who subscribed for Ordinary Shares at a price of 0.28p per share as announced on 14 June 2017.

 

In return for electing to exercise these Existing Warrants early, the Company is offering participating shareholders two new warrants ("New Warrants") for every Existing Warrant. Each New Warrant will entitle the holder to subscribe for a new Ordinary Share at an exercise price of 0.60p at any time at the holder's option until 31 December 2020.

 

Two of the Company's Directors, Michael Masterman and Byron Pirola, who between them and their related interests own 35,714,284 warrants that were acquired on the same terms as the Existing Warrants, as announced on 16 June 2017 intend, subject to the agreement of the Company's independent directors, to exercise their warrants on the same terms, including the offer of New Warrants, once the Company has published its results for the year ended 31 December 2018 and is no longer in a close period.

 

Holders of 201,571,429 Existing Warrants have already agreed with TPI that they will exercise their Existing Warrants early on the above terms, which would provide the Company with £846,600 of subscription funds. Exercise of the warrants held by Michael Masterman, Byron Pirola and their related interests would provide the Company with a further £150,000.

 

Any remaining holders of Existing Warrants who wish to accept this offer and have not already done so are advised to contact TPI no later than 4.30pm on Friday 26 April 2019.  

 

Settlement and Dealings

 

Application will be made for the 201,571,429 new Ordinary Shares being issued in connection with the early exercise of the Existing Warrants to be admitted to trading on AIM with admission expected to occur on or around 29 April 2019.

 

Michael Masterman, Chairman of W Resources, commented: "This exercise will bring in funding of over £1 million and will provide additional working capital in advance of W entering production and the commissioning of its new plant at La Parrilla Mine. The funds raised will further underpin the development work on our other key projects, further driving shareholder value and we look forward to updating shareholders of progress in the coming weeks."

 

Total Voting Rights

 

Following admission of the new Ordinary Shares, the Company's enlarged issued share capital will comprise 5,994,952,156 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 5,994,952,156 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.

 

 

The information communicated 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.

 

Enquiries:

W Resources Plc

Michael Masterman

T: +44 (0) 20 7193 7463

www.wresources.com

 

Turner Pope Investments (TPI) Ltd

Andy Thacker

T: +44 (0) 203 621 4120

www.turnerpope.com

 

Grant Thornton UK LLP

Colin Aaronson / Seamus Fricker

T: +44 (0) 20 7383 5100

 

 

Gable Communications

Justine James

T: +44 (0) 20 7193 7463

M: +44 (0) 7525 324431

 


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