BWA Group PLC Subscription for Convertible Loan Notes
May 20 2022 - 4:34AM
UK Regulatory
TIDMBWAP
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11
OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
20 May 2022
BWA Group PLC
("BWA" or the "Company")
Subscription of Loan Notes
BWA Group plc [AQSE: BWAP], which has mineral exploration licences both
in Cameroon and Canada at various stages of development and is quoted on
London's AQSE Growth Market, announces an update to its funding strategy.
The Company had previously announced (9 March 2022) its intention to raise
funds by way of an issue of new ordinary shares of 0.5p each ("Ordinary Shares
"). In subsequent discussions with potential investors, a general preference
was expressed to make a further issue by the Company of convertible loan stock,
following such issues in 2018 and 2019.
The Company is pleased to announce that it has received applications for £
165,000 of 14% Convertible Unsecured Loan Notes ("Loan Notes"). The Loan Notes
are convertible to Ordinary Shares at 0.6 pence per Ordinary Share, the
proposed issue price of the Ordinary Shares contemplated in the announcement of
9 March 2022, or redeemable, if not previously converted, on 30 April 2024.
Interest on the Loan Notes will be rolled up and converted along with the
principal amount of the Loan Notes. The Loan Notes will not be listed on any
market.
The maximum permitted issue of Loan Notes is £350,000 and none have been issued
prior to this current issue; the Company will update when further subscriptions
are received.
The funds used will be used for general working capital purposes.
The Directors of BWA Group plc have subscribed for the following amounts of
Loan Notes:
Director
Richard £5,000
Battersby
Alex Borrelli
£2,500
James
Butterfield £2,500
James Hogg
£5,000
The Directors of BWA are responsible for the contents of this announcement.
Ends -
For further information:
BWA Group PLC +44 7836 238172
Richard Battersby enquiries@bwagroupplc.com
Chairman
Allenby Capital Limited +44 20 3328 5656
Corporate Adviser
Nick Harriss/Freddie Wooding
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 Richard Battersby Alex Borrelli James Butterfield James Hogg
Reason for Director of BWA Director of BWA Director of BWA Director of BWA
notification Group plc Group plc Group plc Group plc
Initial Initial Initial Initial
Details of the BWA Group plc BWA Group plc BWA Group plc BWA Group plc
issuer, emission
allowance market
participant,
auction
platform,
auctioneer, or
auction monitor
LEI 213800XG3K7PTAAG8630 213800XG3K7PTAAG8630 213800XG3K7PTAAG8630 213800XG3K7PTAAG8630
Description of Ordinary shares of Ordinary shares of Ordinary shares of Ordinary shares of
the financial 0.5p each 0.5p each 0.5p each 0.5p each
instrument, type
of instrument
Identification ISIN: GB0033877555 ISIN: GB0033877555 ISIN: GB0033877555 ISIN: GB0033877555
code
Nature of the Subscription for Subscription for Subscription for Subscription for
transaction Convertible Loan Convertible Loan Convertible Loan Convertible Loan
Stock Stock Stock Stock
Price(s) and £5,000 convertible £2,500 convertible £2,500 convertible £5,000 convertible
volume(s) into into Ordinary Shares into into Ordinary Shares
Ordinary Shares at at 0.6p per share Ordinary Shares at at 0.6p per share
0.6p per share 0.6p per share
Aggregated N/A N/A N/A N/A
information
Aggregated
volume
Price
Date of the 19 May 2022 19 May 2022 19 May 2022 19 May 2022
transaction
Place of the N/A N/A N/A N/A
transaction
Ends -
END
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May 20, 2022 04:34 ET (08:34 GMT)
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