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W Resources raises £360,000 for La Parrilla project

The tungsten, tin and gold miner said in an update it issues 90mln ordinary share at the price of 0.4p each to an unnamed new Spanish investor

W Resources PLC - W Resources raises £360,000 for La Parrilla project

W Resources PLC (LON:WRES) has raised £360,000 to provide working capital during the ramp-up period at its La Parrilla mine in Spain.

The tungsten, tin and gold miner said in an update it issues 90mln ordinary share at the price of 0.4p each – a 12% premium on Thursday’s closing price of 0.35p – to an unnamed new Spanish investor "with experience in the mining industry".

READ: W Resources kicks off tungsten and tin production at La Parrilla

The AIM-listed company, which owns mining assets in Portugal and Spain, expects to receive a €5.3mln (£4.5mln) grant from the regional government of Extremadura in the first quarter of next year.

Tungsten and tin production was kicked off at La Parrilla on Thursday, with chairman Michael Masterman saying he is “pleased with the initial concentrate grades”.

Quick facts: W Resources PLC

Price: 0.165 GBX

AIM:WRES
Market: AIM
Market Cap: £11.06 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