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W Resources adds fund manager Miton Group to its share register following £1.5mln share placing

The tungsten, copper and gold mining company completed a placement of 306,122,449 ordinary shares at 0.49p each – Monday’s closing price - with both new and existing shareholders
W Resources
W Resources said the inclusion of Miton Group “significantly strengthens institutional participation in the register"

W Resources PLC (AIM:WRES) has added institutional fund manager Miton Group to its share register following a share placing which raised £1.5mln for the group.

The tungsten, copper and gold mining company, with assets in Spain and Portugal, said it completed a placement of 306,122,449 ordinary shares at 0.49p each – Monday’s closing price - with both new and existing shareholders.

READ: W Resources commences production of tin and tungsten and La Parrilla

The group said the inclusion of Miton Group “significantly strengthens institutional participation in the register”.

It said the placing ensures strong working capital reserves and balance sheet with institutional support as the company advances its tungsten and tin development plans.

As announced on 20 November 2018, W Resources has commenced early start-up of production of tungsten and tin concentrate at the La Parrilla mine in Spain as part of a planned staged build-up to full mine production in the first half of 2019.

Michael Masterman, W Resources’ chairman, commented: "We are delighted to welcome Miton to our shareholder register. Miton is an award winning fund management group and this investment represents an important milestone for W just as it enters production and the commissioning of its new plant.

“The funds raised will further underpin the development work, driving shareholder value and we look forward to further updating shareholders of progress in the coming weeks."

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