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Watermark Global rallies on project update

Fri, 11 Nov 2011 08:54:00 +0000

Watermark Global (LON:WET) told investors it is currently conducting due diligence on an anthracite coal briquetting project in KwaZulu Natal, leading to a 6.5 percent jump in its share price.

Watermark, which specialises in the treatment of Acid Mine Drainage (AMD) in South Africa, reported that it has been investigating “alternative applications” of its water treatment technology and is currently appraising the anthracite project.

Investors welcomed the update, sending shares in Watermark up 0.02 pence to trade at 0.33 pence, giving the company a market cap of £4.85 million.

The company added that it is looking at various funding options for these projects, including a joint venture or partnership, which would eliminate the needs to undertake a dilutive equity fundraising.

“The board remains confident in the commercial value of its water treatment technology and its efficacy in a range of applications,” Watermark said in today’s statement.

Watermark has previously told investors that it has been looking at two “prospective” opportunities including the anthracite project. The other project involves the separation of water and oil from an oil producing field to create industrial grade usable water.

In its interim report that was released in September Watermark told investors that it continues to lobby the South African Government and its agencies to support its solution for the imminent acid mine drainage issues.

Back in June, the company raised £1.5 million to continue operations without interruption and keep “actively promoting its solution”.

Watermark Global raises £1.5mln, still waiting for SA decision on AMD

Wed, 01 Jun 2011 11:28:00 +0100

Watermark Global (LON:WET) has raised up to £1.5 million to provide it with the working capital is requires until the government makes a firm decision on the clean project for acid mine drainage (AMD).

The company has placed 430 million shares at a price of 0.35 pence to receive net proceeds of £1.45 million.

The fundraising comes amid discussions with the Trans Caledon Tunnel Association (TCTA) to be involved in both the short and long-term solutions to clean up the AMD problem in South Africa.

Watermarks’ whole owned subsidiary Western Utilities Corporation (WUC) is set to partake in any tender process for the short, medium and long term AMD clean-up projects.

“(The financing) keeps us very much in the hunt to participate in the long overdue treatment of AMD in the Witwatersrand basins. It also gives us the ability to investigate some other opportunities which may create further shareholder value,” said chairman Peter Marks.

The placing will provide the company with the working capital it needs until the government makes a definitive decision on the project and, in any event, for at least the next twelve months.

The company has also released its 2010 preliminary results today, reporting a loss of £1.09 million, down from £1.73 million in 2009.

“Your board understands that it has been a very frustrating time for all the stakeholders in Watermark,” said Marks.

“Whilst the press in South Africa and various pressure groups continue to raise the issue and apply pressure for urgent actionit should be noted that at this stage the Company remains unable to provide a definitive timeframe as to when further progress will be made or what WUC’s role in any solution will be.”

Kiwara may get US$6 mln investment from IFC for Zambia projects

Wed, 29 Apr 2009 16:20:00 +0100

Zambia- focused base metals exploration and development group Kiwara PLC said it is in advanced discussions with the International Finance Corporation regarding a potential US$6 million investment coupled with a warrants package.

The purpose of the proposed investment in the group is to assist in the financing of Kiwara’s ongoing exploration of the Kalumbila, Kawako and other regional targets within prospecting licence 267 in north western Zambia.

The proposed investment also provides potential for further funding at feasibility study and at development stages, the company added.

Chairman Colin Bird (Chairman) said: “This proposed investment is of a sufficient magnitude to allow the company to release value in the project. To have IFC as a strategic investor would give the Kiwara management team the confidence and support to embark on an aggressive exploration campaign directed towards resource definition and thereafter mine development.”

Wadharma returns from suspension and changes name to Kiwara Resources

Tue, 28 Aug 2007 00:00:00 +0100

Colin Bird?s latest vehicle in Zambia has been exciting investors within days of reversing into a cash shell.

Wadharma to become Kiwara and drill in Zambia

Wed, 11 Jul 2007 09:31:00 +0100

Wadharma Investments (AIM: WADH) announced details of the proposals that will be offered for shareholder approval at an EGM convened for 3 August 2007.

Wadharma proposes to complete the reverse takeover with Kiwara by issuing nearly 15 million ordinary shares and raising £1.2 million. Assuming an issue price of 10p per share the Market Capitalisation of Kiwara on Re-admission will be £14,193,500.

Money from the placing, combined with Wadharma's funds will fund the acquisition and admission, plus the planned drilling programme in Zambia for 24 months following the placing.

Kiwara’s licence area covers an 11,000 sq km in northwestern Zambia. It includes two deposits, which have previously drilled the Kalumbila Nickel-Cobalt-Copper deposit and Kawanga Uranium deposit.

Mineralisation at Kalumbila has a known strike length of 11 km and at Kawanga uranium mineralisation was drilled over a strike length of a kilometre in the 1970s.

On making the initial announcement of the reverse takeover yesterday Colin Bird, proposed Chairman of Kiwara, commented:

"This transaction is basedon a well defined exploration area in Zambia containing highly prospective and much sought after minerals including Nickel, Cobalt Copper and Uranium. Drilling has already commenced at Kalumbila on the Nickel-Cobalt-Copper mineralisation and a separate programme is planned to commence on the Uranium project in Kawanga very shortly."

Shares in Wadharma rose 9.5p (76%) to 22.0p