W Resources (LON:WRES) shares zoomed up over 18% as the tungsten miner said it had fully repaid the US$800,000 Bergen loan entered into last year.
The group has repaid the outstanding balance of US$550,000, it said, adding the focus now is on advancing funding of the US$15-20 million development at the La Parrilla fast-track mine in Spain with the target of first mine production in 2016.
It added that initial talks over customer funding and strategic investor opportunities are progressing as it is looking to raise equity and debt finance at La Parrilla / Iberian Resources Spain SL asset level, in order to prevent further share dilution.
In February the firm agreed a €225,000 finance facility with BBVA Bank in Spain, while a VAT refund in excess of €0.5mln is expected in the next few months.
"Following this repayment, W is in a stronger position with respect to working capital with its BBVA facility in place, entered into on 13 February 2015, in addition to the VAT refund of approximately €200,000 recently received and the pending VAT refund of approximately €500,000 expected this quarter," the firm said in the brief statement.
Shares added 18.52% to 0.32p.