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(WRES) W Resources Share Chat

Discussion in 'General Share Chat (WRES)' started by mart101, Jul 15, 2015.

  1. BigP

    BigP Keeping the Faith

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    31 March 2021


    W Resources Plc

    ("W" or the "Company")

    Result of General Meeting

    &

    Total Voting Rights

    W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, announces that all resolutions regarding the Proposed Capital Reorganisation were passed at its General Meeting held earlier today.

    As a result, the Existing Ordinary Shares will be cancelled and replaced by 78,099,358 new ordinary shares of 0.1p each ("New Ordinary Shares") along with the Deferred Shares.

    The ISIN Code for the New Ordinary Shares will be GB00BKQN5R41.

    The New Ordinary Shares arising upon implementation of the Capital Reorganisation will have the same rights as the Existing Ordinary Shares including voting, dividend and other rights.

    Shareholders who hold Existing Ordinary Shares in uncertificated form will have such shares disabled in their CREST accounts on the Record Date, being close of business today, 31 March 2021 and their CREST accounts will be credited with the New Ordinary Shares following Admission, on 1 April 2021, as detailed below.

    Admission of the New Ordinary Shares

    Application has been made for the admission trading on AIM of the 78,099,358 New Ordinary Shares ("Admission"), Dealings in the New Ordinary Shares will commence on 1 April 2021.

    Total Voting Rights

    Following Admission, the Company's enlarged issued share capital will comprise 78,099,358 New Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 78,099,358 New Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

    Effects on Options and Other Instruments

    The entitlements to Ordinary Shares of holders of securities or instruments convertible into Ordinary Shares (such as share options and warrants) will be adjusted to reflect the Capital Reorganisation. The Company will notify these holders of the Capital Reorganisation in due course.

    All warrants and options remain subject to the relevant vesting conditions.

    Capitalised terms within this announcement have the same meaning as in the Company's circular and announcement of 8 March 2021 unless the context requires otherwise.
     
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  2. BigP

    BigP Keeping the Faith

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    8 April 2021


    W Resources Plc

    ("W" or the "Company")

    Atlas Conversion Notice and

    Total Voting Rights

    W Resources Plc (AIM:WRES), the tungsten, tin and gold mining and exploration company with assets in Spain and Portugal, has received a Conversion Notice from Atlas Capital Markets ("Atlas") for £250,000 of Convertible Bonds, the first tranche of the second £500k tranche drawn from the £4m facility.

    W will issue 2,724,469 ordinary shares of 0.1p per share ("Ordinary Shares") at a conversion price of 9.1761p per Ordinary Share.

    Settlement and Dealings

    Application will be made for the admission trading on AIM of the 2,724,469 Ordinary Shares ("Admission"), which is expected on or around 14 April 2021.

    Total Voting Rights

    Following Admission, the Company's enlarged issued share capital will comprise 80,823,827 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 80,823,827 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
     
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  3. Groucho

    Groucho Member

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    Screenshot_20210414-072328_Brave.jpg
    Screenshot_20210414-071642_Vox Markets.jpg
    Screenshot_20210414-071707_Vox Markets.jpg
     
    Last edited: Apr 14, 2021
  4. Groucho

    Groucho Member

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    14 April 2021


    W Resources Plc

    ("W" or the "Company")

    Major Shareholder Notification

    W Resources Plc (AIM:WRES), the tungsten, tin and gold mining and exploration company with assets in Spain and Portugal, has been informed by Dr Byron Pirola, a former director of the Company, that he is no longer a Director of Beronia Investments Pty Ltd and no longer a beneficiary of the trust for which Beronia Investments Pty Ltd is a trustee.

    Beronia Investments Pty Ltd's holding of 2,799,628 ordinary shares of 0.1p each ("Ordinary Shares") remains unchanged, representing an interest of 3.46 percent in the total voting rights of the Company.

    Following this notification, Dr Byron Pirola's (and related parties) direct holdings of 171,058 Ordinary Shares, representing an interest of 0.21 per cent in the total voting rights of the Company, also remains unchanged.

    The notification below, made under Disclosure Guidance and Transparency Rules Chapter 5 (DTR 5), provides further information.

    W Resources PLC - Holding(s) in Company #WRES @WResourcesPlc https://www.voxmarkets.co.uk/rns/announcement/42cc35b8-adbb-40b9-89d3-64a0075ff3ca #voxmarkets
     
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  5. BigP

    BigP Keeping the Faith

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    W Resources says first quarter production from La Parrilla mine hampered by heavy rain
    Work is underway to reduce the high water levels at the mine and introduce a permanent solution to resolve this issue

    [​IMG]
    W Resources PLC (AIM:WRES) said first-quarter production from its La Parrilla mine in Spain was lower than expected as heavy rain restricted access to higher-grade ore, although output picked up last month.

    Total tungsten and tin concentrate production fell 31% from the fourth quarter of 2020 to 92.4 dry metric tonnes (dmt). Tungsten concentrate output dropped 36% to 63.5dmt, while tin concentrate dipped 13% from the preceding quarter to 28.9dmt.

    “Due to high water constraints, we did not have access to high grade ore areas and the ore that we used was of lower grade, less fresh and with high levels of ultrafines through much of March,” said chairman Michael Masterman.

    “This has clearly impacted production, such that whilst production picked up towards the end of March, we did not achieve the record production we were anticipating for the quarter.”

    The AIM-quoted company said work is underway to reduce the high water levels at the mine and introduce a permanent solution to resolve the issue. Once this work is completed, it will be able to access the high-grade ore bodies again.

    During the quarter, the company successfully completed a plant improvement programme at the mine.

    “The initial scheduled four-week closure for plant improvements was reduced to two weeks and recovery rates improved. Frustratingly, heavy rain hampered progress and for safety reasons we had no option but to halt production for an additional week,” Masterman said.

    The plant improvement shutdown and the unseasonal weather restricted production in the first quarter to 45 days, compared to 52 days for the fourth quarter of 2020.

    The plant operated mostly on a five-day week for 10 of the 13 weeks in the period, the company said, adding that it plans to return to a seven-day working week in the fourth quarter of 2021.

    Going forward, Masterman said the quality of ore fed into the plant has improved in April, as has the production of concentrate.

    The company expects annual production of concentrate to be between 880dmt and 1,000dmt.
     
  6. ezglide

    ezglide Demi God of BlueShare

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    Does anyone actually believe a word that Masterman utters any more ? I’ve been invested that long and heard so many excuses I no longer do. If I wasn’t about 84% down on my investment I’d have sold up long ago but for the pittance I’d get back now I might as well hang on and hope that one day it’ll come good.
     
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  7. BigP

    BigP Keeping the Faith

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    I genuinely feel that this will come good although it is taking far longer than I ever imagined and then some. Unfortunately LTH like us won’t see the full benefit of those buying at such low prices but I’m sure we will make a profit.
    Tungsten and tin will see increasing demand and prices
    It is so frustrating to see everything in place to deliver but it is taking so long
    Fingers crossed and good luck
     
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  8. Keith Mullins

    Keith Mullins Mullins58

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    BP , Yep its a waiting game now. ATB
     
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  9. Inspiration

    Inspiration Moderator Moderator

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    It makes for easy trading until Atlas are out.

    Reminder of the funding agreement from 30.3.20

    "W has secured a £4.0m convertible bond facility from Atlas Capital Markets ("Atlas") comprising a convertible bond with a coupon of 5% and a term of 3 years. The facility can be drawn in tranches of up to £500,000 at the election of W, with an agreed period between subsequent drawdowns. The facility is unsecured and subordinated to the BlackRock Financial Management Inc. ("BlackRock") loan facility with Blackrock consent required for a draw. Atlas can convert the bond to W shares by issuing a conversion notice with the price set at 95% of the selected 3-day VWAP in the 15 days leading up to issue of a conversion notice by Atlas."

    They're on the 2nd £500k tranche (see BigP's post on 8.4.21 above), so a way to go yet.
     
    Last edited: Apr 15, 2021
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  10. BigP

    BigP Keeping the Faith

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    8/4/21 we received an RNS with:-
    “W Resources Plc (AIM:WRES), the tungsten, tin and gold mining and exploration company with assets in Spain and Portugal, has received a Conversion Notice from Atlas Capital Markets ("Atlas") for £250,000 of Convertible Bonds, the first tranche of the second £500k tranche drawn from the £4m facility.”

    Wres has drawn 2x£500k tranches so that leaves Atlas to convert a further £250k provided Wres do not convert any more of the £4m facility.
    Fingers crossed that they won’t need to ;)
     
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  11. gmpk

    gmpk A Legendary Member

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    Hi Big P

    Based on the dismal RNS this week they definitely will and probably most of the facility will be used.

    Maybe this should be asked later this week.
     
  12. Groucho

    Groucho Member

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  13. BigP

    BigP Keeping the Faith

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    I’m hoping that with production and sales increasing they won’t need to draw the remaining funds as they work towards break even.
    We will see;)
     
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  14. BigP

    BigP Keeping the Faith

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  15. BigP

    BigP Keeping the Faith

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    Keith Mullins and Megster like this.
  16. BigP

    BigP Keeping the Faith

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    23 April 2021


    W Resources Plc

    ("W" or the "Company")

    La Parrilla Management Team and Shipments Update

    W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, has appointed Mr. Jesus Martin as Plant Manager at the La Parrilla tungsten and tin project in Spain.

    Jesus will bring more than 40 years of experience operating metallurgic and gravimetric plants, mostly on tungsten and tin projects in Spain, including: Rodalquilar, Los Santos, Penouta and most recently the Barruecopardo tungsten mine in Western Spain.

    The senior La Parrilla management team includes Pablo Neira - Managing Director (Spain), Juan Garcia Valledor - Mine Manager and Jesus Martin - Plant Manager. This appointment strengthens the management team at a key stage in the production ramp up at La Parrilla.

    With the team at full strength, concentrate recovery rates increasing and progress being made to lower the water levels at the mine, W looks forward to regaining access to the high-grade ore bodies and increasing production.

    Shipments

    In the quarter to date, W Resources has made three shipments with a fourth scheduled for later this month:

    · Two shipments of 20t of tungsten concentrate

    · One shipment of 19.3t of tin concentrate

    · One shipment of 20t of tungsten concentrate is scheduled for 30 April 2021

    Michael Masterman, Chairman of W Resources, commented: "I am pleased to welcome Jesus Martin to the La Parrilla management team. With the plant improvement plan recently completed he brings with him extensive experience and mining knowledge and strengthens the management team as we move towards reaching our T2 production run-rate later this year.

    "We are making good progress this month and have already shipped 40t of tungsten concentrate and 19.3t of tin concentrate, with further shipments confirmed in the coming weeks."
     
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  17. BigP

    BigP Keeping the Faith

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    https://www.proactiveinvestors.co.u...es-makes-key-hire-for-la-parrilla-947483.html

    W Resources makes key hire for La Parrilla

    "We are making good progress this month and have already shipped 40t of tungsten concentrate and 19.3t of tin concentrate, with further shipments confirmed in the coming weeks," said Michael Masterman

    [​IMG]
    Image source: @WResourcesPlc / Twitter
    W Resources PLC (LON:WRES) announced a new hire, plant manager for the La Parrilla project, and also updated on recent concentrate shipments from the mine.

    The company noted that it has made three shipments in the quarter to date and a fourth is scheduled later this month.

    It made two 20 tonne shipments of tungsten concentrate and one 19.3 tonne shipment of tin concentrate. The April 30 shipment will be 20 tonnes of tungsten concentrate.

    Jesus Martin has been hired as plant manager bringing four decades worth of experience in metallurgic and gravimetric plants, mostly tungsten and tin in Spain.

    "I am pleased to welcome Jesus Martin to the La Parrilla management team,” said chairman Michael Masterman.

    “With the plant improvement plan recently completed he brings with him extensive experience and mining knowledge and strengthens the management team as we move towards reaching our T2 production run-rate later this year.

    "We are making good progress this month and have already shipped 40t of tungsten concentrate and 19.3t of tin concentrate, with further shipments confirmed in the coming weeks."
     
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  18. BigP

    BigP Keeping the Faith

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  19. Groucho

    Groucho Member

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    10 May 2021


    W Resources Plc

    ("W" or the "Company")

    Extremadura Government Grant Received

    W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, is pleased to announce it received notification on Friday 7 May 2021 that the Grant from the Junta de Extremadura Government, which was initially awarded in March 2018 for the sum of €5.3m has, subject to one amendment, been paid and total proceeds of €5.2m have now been received as settlement in full.

    In February 2020, W received a €5m loan from Spanish bank, Banco Santander, S.A ("Santander") in order to monetise the Grant and this has now been repaid, reducing the Group's debt and further strengthening the balance sheet.

    Michael Masterman said: "Receipt of the €5.2m grant proceeds is a long awaited and extremely timely outcome. It's a true credit to the team to have been awarded this grant and received the cash funds. We have immediately used the funds to reduce debt and strengthen our balance sheet. With tin prices up 100% in the last six months, strong tungsten prices and materially improved plant performance we expect a strong second half of 2021."

    Investor presentation

    W also confirms that Michael Masterman, Pablo Neira and Paul Hailes will host an investor presentation and Q&A, at 12pm on Monday 17 May 2021. Investors are invited to register their interest and submit questions to wres@almapr.co.uk.
     

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