BWA Group PLC - Board Change, Business & Funding Update
Announcement provided by
BWA Group plc · BWAP05/12/2022 18:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
5 December 2022
BWA Group PLC
(“BWA” or the “Company”)
Business & Funding Update
Board Change
BWA Group PLC [AQSE: BWAP], which has mineral exploration licences in both Cameroon and
Business & Funding Update
The position set out in the announcements of 13 October 2022 and 18 November 2022 is materially unchanged. The board of directors of the Company (the “Board”) continues to review alternative sources of capital for the Company. These include, but are not limited to:
- Further issues of Loan Notes;
- Disposals of assets; and
- Seeking additional capital at a subsidiary level.
Such investment could be into BWA, its subsidiaries or directly into projects. The Board is cognisant of the current difficulties in raising funds on public equity markets and is taking appropriate professional advice.
As at 30 November 2022, the Company had cash balances of £6,709 and net current liabilities of £167,547. The Board continues to seek to minimise any further expenditure until a solution can be found.
The Company is hopeful that additional exploration licences will be granted prior to the end of the year to local subsidiary in relation to its Heavy Mineral Sands Project in
Further to the announcement of 11 August 2022, St-Georges Eco-Mining Corp. ("SGEM"), has commenced legal action in regard to their request to convert part of their holding of convertible loan notes (“CLN”) issued in partial consideration of the Company’s acquisition of Kings of the North Corp. in 2019, the acquisition of which is the subject of an existing legal action by the Company (previously announced on 31 December 2021).
Following consultation with the Company’s lawyers in both the
Further updates will be made as matters develop.
Board Change
Further to the announcements of 29 July 2022 and 1 November 2022, regarding Richard Battersby’s retirement, he has left the board with effect from 1 of December 2022.
Resignation of Auditors
MHA MacIntyre Hudson, the Company’s auditors, have informed the Board that they are resigning from their role and will not be undertaking the independent audit for the current financial year. No matters have been raised in relation to Section 519 of the Companies Act 2006. The Board will seek the appointment of new auditors and will provide an update at the appropriate time.
The Directors of BWA are responsible for the contents of this announcement.
Ends -
For further information:
BWA Group PLC James Butterfield Interim Chairman |
+44 7770 225253 enquiries@bwagroupplc.com |
Allenby Capital Limited Corporate Adviser Nick Harriss/Freddie Wooding |
+44 20 3328 5656 |
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