BWA Group PLC - Business & Funding Update
Announcement provided byBWA Group plc · BWAP
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
16 January 2023
BWA Group PLC
(“BWA” or the “Company”)
Business & Funding Update
BWA Group PLC [AQSE: BWAP], which has mineral exploration licences in both Cameroon and
The position set out in the announcements of 13 October 2022, 18 November 2022 and 5 December 2022 is largely unchanged. The board of directors of the Company (the “Board”) continues to review alternative sources of capital and opportunities 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.
As a result of its perseverance and in-country mineral exploration activities, the Company has been granted three additional Heavy Mineral Sands Licences for rutile in
Furthermore, BWA, still has two additional contiguous Heavy Mineral Sands Licences for rutile applied for.
The Board is currently involved in discussion, with NDA’s exchanged, with three listed companies in
Any such investment or proceeds 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 and as a result the Company continues to be supported by its directors, associates and shareholders through short-term loans.
As at 6 January 2023 the Company had cash balances of £14,912 and current liabilities of £165,754. The Board continues to seek to minimise any further expenditure until a solution can be found.
Further to the announcement of 11 August 2022, that St-Georges Eco-Mining Corp. ("SGEM") had commenced legal action in regard to their request to convert part of their holding of convertible loan notes (“CLN”), BWA, following consultation with its lawyers in both the UK and Canada, continues to decline to accept the request until its existing legal action in Canada is concluded as the CLN form an integral element of the action and as result is in the process of filing a Defence to the SGEM legal action.
Further updates will be made as matters develop.
The Directors of BWA are responsible for the contents of this announcement.
For further information:
|BWA Group PLC
|+44 7770 225253
Allenby Capital Limited
Nick Harriss/Lauren Wright
+44 20 3328 5656
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