BWA Group PLC - Subscription for Convertible Loan Notes
PR Newswire
London, May 20
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 Battersby | £5,000 | ||
| Alex Borrelli | £2,500 | ||
| James Butterfield | £2,500 | ||
| James Hogg | £5,000 |
The Directors of BWA are responsible for the contents of this announcement.
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For further information:
| BWA Group PLC Richard Battersby Chairman | +44 7836 238172 enquiries@bwagroupplc.com |
Allenby Capital Limited Corporate Adviser Nick Harriss/Freddie Wooding | +44 20 3328 5656 |
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 notification | Director of BWA Group plc | Director of BWA Group plc | Director of BWA Group plc | Director of BWA Group plc |
| Initial | 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 | BWA Group plc |
| LEI | 213800XG3K7PTAAG8630 | 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 | Ordinary shares of 0.5p each |
| Identification code | ISIN: GB0033877555 | ISIN: GB0033877555 | ISIN: GB0033877555 | ISIN: GB0033877555 |
| Nature of the transaction | Subscription for Convertible Loan Stock | Subscription for Convertible Loan Stock | Subscription for Convertible Loan Stock | Subscription for Convertible Loan Stock |
| Price(s) and volume(s) | £5,000 convertible into Ordinary Shares at 0.6p per share | £2,500 convertible into Ordinary Shares at 0.6p per share | £2,500 convertible into Ordinary Shares at 0.6p per share | £5,000 convertible into Ordinary Shares at 0.6p per share |
| Aggregated information Aggregated volume Price | N/A | N/A | N/A | N/A |
| Date of the transaction | 19 May 2022 | 19 May 2022 | 19 May 2022 | 19 May 2022 |
| Place of the transaction | N/A | N/A | N/A | N/A |
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