The funds, which were raised at 0.3p per share, will be used fast track development of the La Parrilla tungsten mine in Spain.
W Resources is talks over funding to bring the first stage of the mine into production in late 2016.
Initially, a fast track mine (FTM) will use the existing concentrator plant from La Parrilla tailings project to produce 1,200-1,300 tonnes of a tin and tungsten concentrate.
A larger mine will then be developed to produce 5,000 tonnes per annum of concentrate by 2018.
Michael Masterman, W Resources’ chairman, will subscribe for £140,000 worth of new shares to take his stake to 25.66% while Byron Pirola will take £160,000 worth and have a 7% stake.