Subscription for New Shares by Chairman
11/09/2024 09:00
11 September 2024
BWA Group PLC
(“BWA”, or the “Company”)
Subscription for New Shares by Chairman
Extension of Drilling Programme
BWA (AQSE:BWAP) the mining investment company with licences in Cameroon and
Canada, is pleased to announce the subscription for 50,000,000 ordinary shares
of 0.5p each (“Ordinary Shares”), raising £250,000, the Company’s
Chairman, Jonathan Wearing (the “Subscription”). The Subscription forms
the first part of the fundraising outlined in the announcement of 5 July 2024
(the “Fundraising”).
The monies received from the Subscription will be used to extend the
reconnaissance drilling programme at the Dehane 2 heavy mineral sands
exploration project in Cameroon (“Dehane 2”), previously outlined in the
announcements of 27 February and 5 June 2024.
The objective of the current drilling programme at Dehane 2 is the analysis of
core samples to support the production of a Mineral Resource Estimate before
the end of this year. The Company hopes to raise up to a further £750,000
under the Fundraising to support this drilling programme and the further
development of its Cameroonian licenced areas.
Dehane 2 is located 166 km southwest of Yaoundé, and 70 km from the deep
seaport and industrial zone of Kribi (Figure 1). The D2 licence covers an
area of 54 km2 and includes 14 km of strike length of the Nyong river system,
an area known to be prospective for Ilmenite, Rutile, Zircon and Kyanite heavy
mineral sand (HMS) mineralisation. Moreover, the licence covers some 20 km of
the mouth of the Nyong River as it empties into the Gulf of Guinea and
adjacent sandy beach-setting coastline. The beach swash zone was the target
for the reconnaissance auger drilling, the very encouraging results of which
were reported on 5 June 2024.
The new Ordinary Shares issued under the Subscription will be allotted under
the Company’s existing unspent share issue authorities and are expected to
be admitted to trading on the AQSE Growth Market on 17 September 2024
(“Admission”). On Admission, Mr Wearing will hold 198,713,415 Ordinary
Shares, equivalent to 22.26% of the Ordinary Shares on Admission. Mr
Wearing’s holding includes Ordinary Shares held by Tricastle Investments
Limited, a company he controls.
The issue of the New Shares constitutes a related party transaction under the
AQSE Growth Market Access Rules. The Board has concluded, having exercised
reasonable care, skill and diligence, that the related party transaction is
fair and reasonable as far as the shareholders of the Company are concerned.
On Admission, the Company will have 892,603,530 Ordinary Shares in issue,
each with one voting right. The Company does not hold any shares in treasury
and therefore the total number of voting rights in the Company is 892,603,530.
This figure should be used by shareholders from Admission as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in the Company under
the FCA's Disclosure Guidance and Transparency Rules.
For further information on the Company, please visit
www.bwagroupplc.com/index.html or:
BWA Group PLC James Butterfield Managing Director +44 (0) 7770 225 253 enquiries@bwagroupplc.com
Allenby Capital Limited Corporate Adviser +44 (0)20 3328 5656 Nick Harriss/Lauren Wright
Oberon Capital Broker +44 (0)20 3179 5300 Nick Lovering/Adam Pollock
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.
Market Abuse Regulation (MAR) Disclosure
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them.
Name Jonathan Wearing
Reason for notification Director of BWA Group Plc
Initial
Details of the issuer, emission allowance market participant, auction BWA Group Plc
platform, auctioneer, or auction monitor
LEI 213800XG3K7PTAAG8630
Description of the financial instrument, type of instrument Ordinary shares of 0.5p each
Identification code ISIN: GB0033877555
Nature of the transaction Subscription for Ordinary Shares
Price(s) and 50,000,000
volume(s) 0.5p per Ordinary Share
Aggregated information N/A
Aggregated volume
Price
Date of the transaction 10 September 2024
Place of the transaction N/A
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