Proposed Offer for Subscription and Directors' Participation
03/11/2023 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
3 November 2023
BWA Group PLC
(“BWA”, the “Group”, or the “Company”) (AQSE: BWAP)
Proposed Offer for Subscription and Directors’ Participation
BWA Group Plc [AQSE: BWAP], which holds mineral exploration licences in both
Cameroon and Canada and is quoted on London’s AQSE Growth Market, announces
it is proposing to raise up to £900,000 by way of an issue of up to
180,000,000 new Ordinary shares of 0.5p each (“Ordinary Shares”) at a
price of 0.5p per Ordinary Share, accompanied by warrants in the ratio of 1
for 2 ordinary shares subscribed, exercisable into Ordinary Shares at a price
of 0.6p per share until 31 October 2024 and 0.75p per share thereafter until
31 October 2026 (“New Shares”).
The Company has received firm commitments from its Directors and a major
shareholder to subscribe for in excess of £450,000, representing over 50% of
the proposed fundraising. All the Directors of the Company have committed to
participate.
The majority of the funds raised are to be used to continue the Group’s
exploration programme on its two claim areas in Cameroon at Nkoteng and Dehane
for Heavy Mineral Sands to complete the planned auger drilling program and a
Mineral Resource Estimate and Preliminary Economic Assessment, in accordance
with JORC (2012) by Q2 2024.
An updated corporate presentation, together with the recently produced
Competent Persons Report (December 2021
(http://www.bwagroupplc.com/documents/BWA%20Nkoteng%20%20Dehane%20CPR%20Final_20211210.pdf)),
in which a detailed summary of exploration works and geological settings can
be found, are both available on the Company’s website. A copy of the
presentation can also be viewed through the following link:
Investor Presentation Q4 2023
(https://mb.cision.com/Public/22539/3868668/ba608fc848f22160.pdf)
The Company announced (27 April 2023
(http://www.bwagroupplc.com/Announcements/27042023%20Positive%20Results%20from%20Preliminary%20Granulometric%20Testwork.pdf)
and 19 July 2023 (https://www.aquis.eu/stock-exchange/announcements/4185287))
further encouraging results from preliminary granulometric test-work and
orientation heavy mineral separation test work showing promising evidence of
Valuable Heavy Minerals (VHM) ilmenite, rutile, kyanite and zircon in the
Dehane and Nkoteng licence areas and encouraging observations from
reconnaissance site visits to newly granted Dehane 2, Dehane 3 and Nkoteng 2
licence areas (6th April 2023). These announcements have been supplemented by
the announcement of 16 October 2023 reporting encouraging evidence of heavy
mineral sands in the Dehane and Nkoteng licence areas.
The Ordinary Share issue will be made on a non-pre-emptive basis under the
terms of the Board’s authority confirmed at the last AGM. Any shareholder,
however, who may wish to subscribe for Ordinary Shares in the issue may
express an interest to the Company by emailing enquiries@bwagroupplc.com.
For further information on the Company, please visit:
http://www.bwagroupplc.com/index.html
or contact:
BWA Group PLC James Butterfield Chairman +44 (0)7770 225253 enquiries@bwagroupplc.com
Jonathan Wearing Director
Allenby Capital Limited Corporate Adviser Nick Harris/Lauren Wright +44 (0)20 3328 5656
Links to the documents on the Company’s website
Company Announcement of 16 October 2023 -
http://www.bwagroupplc.com/Announcements/16102023%20BWA-Cameroon-DehaneNkoteng-Licences-ReconnaissanceRNS13-10-2023.pdf
Competent Person’s Report -
http://www.bwagroupplc.com/documents/BWA%20Nkoteng%20%20Dehane%20CPR%20Final_20211210.pdf
Announcement of 1 February 2022 -
http://bwagroupplc.com/Announcements/01022022%20Positive%20Mineral%20Results%20for%20Nkoteng%20&%20Dehane%20Projects.pdf
BWA-Presentation-FundRaise-October2023 V6 (https://mb.cision.com/Public/22539/3868668/ba608fc848f22160.pdf)
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