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W Resources PLC - Warrant Date Extension

RNS Number : 7223I
W Resources PLC
15 December 2020
 

 

 

 

 

15 December 2020

 

W Resources Plc

("W" or the "Company")

Review of Warrants

W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal has recently carried out a review of its outstanding warrants.

The review identified approximately 471 million of warrants issued in April and May 2019 which are due to expire at the end of December 2020. After careful review and giving full consideration to both the delays at the La Parrilla tungsten and tin project and the global effects of Covid-19 the Company has decided to extend the expiry date of these warrants to 31 December 2021. The Company has 7,269,220,952 shares in issue and 1,378,645,592 warrants.

All other aspects of the warrants are unchanged and are listed below:

Investor Name

Warrants

Exercise Price

Value

Issued

Initial Expiry

New Expiry

Peel Hunt Holdings Ltd

46,428,572

£0.0060

278,571.43

18/04/2019

31/12/2020

31/12/2021

Trium Capital Managers Ltd

21,428,572

£0.0060

128,571.43

18/04/2019

31/12/2020

31/12/2021

Jim Nominees Limited

260,714,284

£0.0060

1,564,285.70

18/04/2019

31/12/2020

31/12/2021

Jim Nominees Limited

71,428,572

£0.0060

428,571.43

18/04/2019

31/12/2020

31/12/2021

Symmall Pty Limited

35,714,284

£0.0060

214,285.70

22/05/2019

31/12/2020

31/12/2021

Beronia Investments Pty Ltd

35,714,284

£0.0060

214,285.70

22/05/2019

31/12/2020

31/12/2021

 

Michael Masterman, Chairman, is both a beneficiary and trustee of Symmall Pty Limited and Byron Pirola, who retired as a director of W on 30 March 2020, is associated with Beronia Investments Pty Ltd, both of which companies are subject to the warrant extension. Accordingly, in the case of each, the extension to the expiry date of the warrants constitutes a related party transaction under Rule 13 of the AIM Rules for Companies. The independent directors, having consulted with the Company's nominated adviser, Grant Thornton UK LLP, consider that the terms of the transactions are fair and reasonable insofar as the Company's shareholders are concerned.

Further to the 26 November 2020 update on La Parrilla, tungsten and tin production rates are continuing to build and the Company will announce the Q4 2020 production update in January 2021.

1

 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Michael Masterman (Legal person: Symmall Pty Ltd)

2

Reason for the notification

a)

Position/status

Chairman

b)

Initial notification /Amendment

Initial notification

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 the financial instrument, type of instrument

Warrants to acquire ordinary shares of 0.1p ("Ordinary Shares") at a price of 0.6p per Ordinary Share

Identification code

For the Ordinary Shares: GB00B0358H47

b)

Nature of the transaction

Extension of warrant expiry date from 31 December 2020 to 31 December 2021

c)

Price(s) and volume(s)







Price(s)

Volume(s)




N/A

35,714,284







d)

Aggregated information


- Aggregated volume

N/A

- Price


e)

Date of the transaction

15 December 2020

f)

Place of the transaction

Outside a trading venue

 

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

Paul Hailes, CFO

investor@wresources.com

www.wresources.com

Grant Thornton UK LLP

Colin Aaronson / Seamus Fricker

T: +44 (0) 20 7383 5100

Joint Broker

Turner Pope Investments (TPI) Ltd

Andy Thacker / Zoe Alexander

T: +44 (0) 203 657 0050

www.turnerpope.com

Joint Broker

Alternative Resource Capital / Shard Capital

Alex Wood

T:+44 (0) 20 7186 9004

www.altrescap.com

Damon Heath

T:+44 (0) 20 7186 9952

www.shardcapital.com

Alma PR

Justine James

T: +44 (0) 20 3405 0205

M: +44 (0) 7525 324431

wres@almapr.co.uk

 

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