GB0033877555
(“BWA” or the “Company”)
Investment Update, Issue of Equity and Proposed Issue of Convertible Loan Notes
Mineralfields is the holding company of a group which has been seeking to secure mining licences for the extraction of Rutile Sands in
When the licences are granted, they are expected to be allocated to a wholly owned Cameroonian subsidiary of BWA. At that time, BWA also intends to enter into an agreement with Mineralfields, pursuant to which Mineralfields will undertake to operate the mining concessions at the licences. As consideration for entering into this agreement, BWA will be allotted additional shares in Mineralfields which will take the Company’s interest from 12% to approximately 25% of Mineralfields’ issued share capital.
After the issue of the additional Mineralfields’ shares to BWA, the Directors of BWA will have the following interests in that company:
Director % R G Battersby 12.1 M A Borrelli 10.6 J M V Butterfield 11.3
In contemplation of the arrangements set out above, BWA has issued 8,374,108 new ordinary shares of 0.5p each in the Company (“Ordinary Shares”), at a price of 0.5p per share, to settle certain outstanding obligations of Mineralfields. Of these Ordinary Shares, 923,534 have been allotted to
Following this issue of Ordinary Shares, the interests of the Directors are as follows:
Director Number of Ordinary Shares % R G Battersby 16,510,822 13.7 M A Borrelli 2,378,970 2.0 J M V Butterfield 18,666,271 15.5
In addition, the Company intends to issue up to £300,000 nominal of 14% Convertible Unsecured Loan Notes 2020 (the “Loan Notes”), the proceeds of which will provide general working capital for BWA and allow the Company to make further investments in the Mineralfields project.
An initial tranche of £150,000 Loan Notes is proposed to be issued by the Company for cash.
Interest on the Loan Notes will be paid at an annual rate of 4% in cash, with the remaining 10% being rolled up and convertible, along with the principal amount of the Loan Notes, into a maximum of 36,000,000 Ordinary Shares at a price of 0.5p per share.
Following the issue of Ordinary Shares referred to above (but before any conversion of the Loan Notes), BWA has 120,531,833 Ordinary Share in issue, each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury. The above figure of 120,531,833 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 to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
The Directors of BWA are responsible for the contents of this announcement.
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Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a
