W Resources PLC W Resources completes Placing (6873W)
January 30 2013 - 5:27AM
UK Regulatory
TIDMWRES
RNS Number : 6873W
W Resources PLC
30 January 2013
30 January 2013
W Resources Plc
("W" or the "Company")
W Completes Placing
W Resources Plc (AIM:WRES), a tungsten and gold exploration and
development company with assets in Spain and Portugal announces
that it has completed a placing of 122,642,855 ordinary shares of
0.1p per share ("Ordinary Shares") at 0.70p per Ordinary Share to
raise approximately GBP858,500 (the "Placing"). The placement
provides time critical financing to move forward with the La
Parrilla tailings development 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 5 February 2013.
Related Party Transaction
The placees include Mr. Michael Masterman (Chairman of the
Company), who has subscribed for 14,285,714 Ordinary Shares
amounting to GBP100,000. The participation in the Placing of Mr.
Masterman falls to be treated as a related party transaction under
AIM Rule 13. The independent directors, being Mr Byron Pirola and
Mr Michael Garland, having consulted with Grant Thornton Corporate
Finance (the Company's nominated adviser), confirms that they are
satisfied that the terms of Mr. Masterman 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 1,704,565,048 Ordinary Shares in issue and:
- Mr. Michael Masterman (and related parties) will be interested
in 742,844,339 Ordinary Shares in the Company, representing an
interest of 43.58 per cent in the total voting rights; and
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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