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Directors back £1.2mln W Resources funding

The funds, which were raised at 0.3p per share, will be used fast track development of the La Parrilla tungsten mine in Spain.

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The £1.2mln was raised at 0.3p per share,

W Resources (LON:WRES) has raised £1.2mln through a placing heavily backed by two main directors.

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.

 

 

Quick facts: W Resources PLC

Price: 0.3815 GBX

AIM:WRES
Market: AIM
Market Cap: £23.71 m
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W Resources aims for large-scale production after first T2 mine blast at La...

W Resources PLC (LON:WRES) chairman Michael Masterman tells Proactive Investors about the first T2 mine blast at the La Parilla Tungsten Project in western Spain, successfully shot on April 30, 2019.    Masterman said the event was significant for the company and represented...

on 2/5/19

2 min read