“As we look ahead, the management team s clear priority is to increase production at La Parrilla as we move to a 24/7 operation," Michael Masterman said.
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining Company with assets in
Spain and
Portugal, has completed a placement of 28,278,610 ordinary shares of 0.1p per share ( Ordinary Shares ) at 8p per Ordinary Share to raise
£2.26 million (the Placing ) before expenses to new and existing investors.
Michael Masterman, W s Chairman, intends to participate and invest
£250,000 on the same terms as the Placing, once the Company has published its accounts for the year ended
31 December 2020 and the Company is no longer in a closed period; this will increase the fundraising to c£2.5 million. The Company will publish its accounts in the coming weeks.
17 May 2021 | 07:59am
StockMarketWire.com - Tungsten miner W Resources said it would raise £2.5 million from a share issue to lower the water level at its La Parrilla mine in Spain and regain access to higher-grade ore.
New shares in the company were offered at 8p each, with £2.26 million raise from new and existing investors.
Chairman Michael Masterman had committed to personally investing an additional £0.25 million. The majority of the funds raised from the Placing will be used to achieve the permanent solution to high water levels thereby giving access to higher-grade ore and significantly increasing tungsten and tin production at the La Parrilla mine as well as providing additional working capital to cover the ramp-up in production, the company said.
Tungsten recovery rates continue to improve and were around 50% during April, it said.
Funds from the placing will also provide additional working capital to cover the ramp-up in production at La Parrilla.
The AIM-quoted company raised £2.26mln before expenses through a placement of 28.3mln shares at 8p per share, a 13.5% discount to Friday’s closing price.
Its chairman Michael Masterman also intends to participate and invest £250,000 on the same terms as the placing, once the company has published its accounts for 2020 and is no longer in a closed period, increasing the fundraising to around £2.5mln. W Resources plans to publish its accounts in the coming weeks.