Tungsten explorer W Resources PLC (LON:WRES) has told investors that it has completed the finance package for the first phase of the La Parrilla fast-track mine development.
The company raised £600,000 through a placing of 171mln shares at a price of 0.35 pence per share, a discount on the current share value.
Chairman Michael Masterman and Dr Byron Pirola, another director of the firm, each bought £100,000 worth of shares.
“The funds raised will be used to advance La Parrilla to start up production and provide working capital,” W said in statement.
After the placing, Masterman now has a 23.38% stake in the company, while Pirola’s interest increased to 6.69%.
The La Parrilla tungsten project is located in southwest Spain, with first production earmarked for the end of this year.
Shares were down 0.08p, or 15%, to 0.44p.