The company is meanwhile working to close a US$30mln financing facility for La Parilla.
The interim funding will help cover costs relating to the construction of the crusher and civil works, longer lead items, and to initiate steps to allow early production systems (subject to tungsten prices).
Additionally, the company highlighted that it has two large investment grade customers who could cover some 80% of production from the planned T2 area - which would have 2,700 tonnes per year of tungsten concentrate.
An agreement has now been signed with one of the potential customers and it expects the other to sign a letter of intent shortly. The company expects to convert these initial agreements into formal contracts by the fourth quarter, and those deals would support debt financing.
Today’s placing sees 240mln new shares issued at a price of 0.375p to raise £900,000, and a further £100,000 will be invested via a share subscription by a vehicle connected to chief executive Michael Masterman.