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W Resources PLC

W Resources to raise more than £1mln through early exercise of warrants

"This exercise will bring in funding of over £1mln and will provide additional working capital in advance of W entering production and the commissioning of its new plant at La Parrilla Mine,” said chairman Michael Masterman

W Resources
The funds will support key projects

W Resources PLC (LON:WRES) plans to raise more than £1mln through the early exercise of warrants to provide working capital for its mining operations.

The company has offered existing warrant holders early exercise of 210,714,286 warrants to acquire new ordinary shares of 0.1p each with a strike price of 0.42p and an expiry date of June 20.

Shareholders will receive two new warrants for each existing warrant. Each new warrant will entitle the holder to subscribe for a new ordinary share at an exercise price of 0.6p up until the end of December 2020.

READ: W Resources higher as it commences commissioning of jig and mill plant at La Parrilla

Chairman Michael Masterman and non-executive director Byron Pirola, who own 35,714,284 warrants between them, intend to exercise their warrants on the same terms after the full year results. 

"This exercise will bring in funding of over £1mln and will provide additional working capital in advance of W entering production and the commissioning of its new plant at La Parrilla Mine,” said chairman Michael Masterman.

“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."

Quick facts: W Resources PLC

Price: £0.00

Market: AIM
Market Cap: £23.52 m
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