THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
28 March 2023
BWA Group PLC
(“BWA” or the “Company”)
Funding Update
BWA (AQSE: BWAP), which has mineral exploration licences in both Cameroon and Canada at various stages of development and is quoted on London’s AQSE Growth Market, announces the provision of £35,000 of additional funding from its Board and certain existing investors.
The funding is in the form of short-term loan notes with the following terms (the “Notes”):
- Maturity date – 30 June 2023.
- Interest rate – 100%. Interest to be payable in cash on maturity.
- Repayment – In cash on maturity, but with a put option for the Company and a call option for the noteholder to require repayment through the issue of new ordinary shares of
0.5 pence each in the capital of the Company (“Ordinary Shares”) at the nominal value. These options to be exercised no later than 23 June 2023. - Security - Unsecured
In addition, the Company is in the process of formalising final terms for the short-term unsecured loans initially announced on 16 January 2023, which have a total principal amount of £39,000 (the “Loans”). It is anticipated that the maturity date of the Loans will be brought in line with the Notes.
Further updates will be made as matters develop.
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/Lauren Wright |
+44 20 3328 5656 |
Schedule of Lenders
| Name | Notes | Loans |
| James Butterfield (Director) | £8,000 | £8,500 |
| Alex Borrelli (Director) | £1,000 | £4,500 |
| James Hogg (Director) | £1,000 | £4,500 |
| Dick Howe (Subsidiary Director) | £0 | £3,000 |
| Richard Battersby (Shareholder & Former Director) | £5,000 | £8,500 |
| Jonathan Wearing (Shareholder) | £20,000 | £10,000 |
| Total | £35,000 | £39,000 |
Market Abuse Regulation (MAR) Disclosure
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
Details of the persons discharging managerial responsibilities / persons closely associated.
| Name | Alex Borrelli | James Butterfield | James Hogg | |
| Reason for notification | Director of BWA Group Plc | Director of BWA Group Plc | Director of BWA Group Plc | |
| Initial | Initial | Initial | ||
| Details of the issuer, emission allowance market participant, auction platform, auctioneer, or auction monitor |
BWA Group Plc | BWA Group Plc | BWA Group Plc | |
| LEI | 213800XG3K7PTAAG8630 | 213800XG3K7PTAAG8630 | 213800XG3K7PTAAG8630 | |
| Description of the financial instrument, type of instrument | Ordinary shares of 0.5p each | Ordinary shares of 0.5p each | Ordinary shares of 0.5p each | |
| Identification code | ISIN: GB0033877555 | ISIN: GB0033877555 | ISIN: GB0033877555 | |
| Nature of the transaction | Option to settle loan notes through the issue of Ordinary Shares | Option to settle loan notes through the issue of Ordinary Shares | Option to settle loan notes through the issue of Ordinary Shares | |
| Price(s) and volume(s) |
200,000 Ordinary Shares at 0.5p per share | 1,600,000 Ordinary Shares at 0.5p per share | 200,000 Ordinary Shares at 0.5p per share | |
| Aggregated information Aggregated volume Price |
N/A | N/A | N/A | |
| Date of the transaction | 27 March 2023 | 27 March 2023 | 27 March 2023 | |
| Place of the transaction | N/A | N/A | N/A | |
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