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W Resources raises £1.2mln as La Parrilla Tailings nears completion

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W Resources (LON:WRES) has raised just less than £1.2mln through a share placing as it heads towards the final stages of construction at the La Parrilla Tailings project in Spain.

In a statement to the stock exchange just after the market close, the tungsten-focused company revealed a placing of 149.4mln shares at 0.8p each, a 20% discount to Tuesday’s final market price. 

The shares will be admitted to AIM in two chunks; the first (93mln shares) on December 23 and the second (56mln) on December 31.

The places include Beronia Investments Pty Ltd ATF Duke Trust, of which Dr Byron Pirola, who is a director of W Resources, is both a beneficiary and a trustee. Pirola now has a 6.7% interest in the company.

Chairman Michael Masterman said: “We are on track with the final stages of construction at the La Parrilla Tailings project and expect results from commissioning the pre-concentration plant before the year-end, moving into the production phase in January 2014. 

“The funds raised in this placing provide W with additional working capital which will enable us to add further value at our other projects as we progress them in the New Year, including following-up on the discovery of high grade targets with a 1,500m drilling programme at the Tarouca tungsten project in Portugal.”

 

Quick facts: W Resources PLC

Price: 0.329 GBX

AIM:WRES
Market: AIM
Market Cap: £21.35 m
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