BWAP BWA Group plc

 
TIDMBWAP 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 
        OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. 
 
                                                                   2 March 2023 
 
                                 BWA Group PLC 
 
                          ("BWA" or the "Company") 
 
                           Business & 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 an update on its funding and working 
capital position. 
 
The position set out in the announcements of 13 October 2022, 18 November 2022 
and 5 December 2022 and 16 January 2023 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. 
 
The Company now holds five Heavy Mineral Sands Licences for rutile in Cameroon, 
increasing the total licences exploration area to 1,268 sq. kms, and more than 
doubling the exploration area of the first 2 licences. And additionally, BWA, 
still has two additional contiguous Heavy Mineral Sands Licences for rutile 
applied for. 
 
The Board is currently involved in discussion, with non-disclosure agreements 
exchanged, with three listed companies in Europe and North America involved in 
mineral exploration with a view to either entering into JV Agreements or 
outright sale of some of its mineral licences. The Board are awaiting responses 
from these initiatives. And any such investment or proceeds realised 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 28 of February 2023 the Company had cash balances of £3,681 and current 
liabilities of £220,505.  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. 
 
As a result of approaches between lawyers a legal standstill has been 
negotiated in Canada between BWA and SGEM (and it is believed this will also 
apply to the UK litigation as well), pending direct discussions between the 
parties to ascertain whether a negotiated settlement can be achieved. 
 
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                        +44 7770 225253 
James Butterfield          enquiries@bwagroupplc.com 
Chairman 
 
 
Allenby Capital Limited             +44 20 3328 5656 
Corporate Adviser 
Nick Harriss/Lauren Wright 
 
 
 
END 
 
 

(END) Dow Jones Newswires

March 02, 2023 02:30 ET (07:30 GMT)

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