W Resources PLC W Resources Completes Placing (6456Q)
November 08 2012 - 9:00AM
UK Regulatory
TIDMWRES
RNS Number : 6456Q
W Resources PLC
08 November 2012
8 November 2012
W Resources Plc
("W" or the "Company")
W Completes Placing
W Resources Plc (AIM:WRES), formerly Caspian Holdings Plc, a
tungsten and gold exploration and development company with assets
in Spain and Portugal announces that it has completed a placing of
194,734,613 ordinary shares of 0.1p per share ("Ordinary Shares")
at 0.325p per Ordinary Share to raise approximately GBP633,000 (the
"Placing"). The net proceeds from the Placing will be used to
progress the Company's tungsten and gold drilling programmes and
for general working capital purposes.
Application will be 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 22 November 2012.
Related Party Transaction
The placees include Mr. Michael Garland (a director of the
Company), who has subscribed for 30,769,230 Ordinary Shares
amounting to GBP100,000, and Dr. Byron Pirola (a director of the
Company), who has subscribed for 15,384,615 Ordinary Shares
amounting to GBP50,000. The participation in the Placing of Mr.
Garland and Dr. Pirola falls to be treated as a related party
transaction under AIM Rule 13. The independent director, being Mr
Michael Masterman, having consulted with Grant Thornton Corporate
Finance (the Company's nominated adviser), confirms that he is
satisfied that the terms of Mr. Garland's and Dr. Pirola's
participation in the Placing are fair and reasonable insofar as the
shareholders of the Company are concerned.
Following the issue of all new Ordinary Shares, the Company will
have 1,581,922,193 Ordinary Shares in issue and:
- Mr. Michael Garland will be interested in 74,902,563 Ordinary
Shares in the Company, representing an interest of 4.73 per cent in
the total voting rights; and
- Dr. Byron Pirola (and related parties) will be interested in
127,459,749 Ordinary Shares in the Company, representing an
interest of 8.06 per cent in the total voting rights.
Enquiries:
W Resources Plc Grant Thornton Corporate Finance
- Nomad
Michael Masterman Gerry Beaney / Melanie Frean
/ Jen Clarke
T: +44 (0) 20 7193 7463 T: +44 (0) 20 7383 5100
www.wresources.co.uk
Simple Investments - Broker Gable Communications
Andy Thacker / Nick Emerson Justine James
T: +44 (0) 1483 413500 T: +44 (0) 20 7193 7463
www.simple-investments.co.uk M: +44 (0) 7525 324431
This information is provided by RNS
The company news service from the London Stock Exchange
END
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