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W Resources raises £360,000 for La Parrilla project

The tungsten, tin and gold miner said in an update it issues 90mln ordinary share at the price of 0.4p each to an unnamed new Spanish investor

W Resources PLC - W Resources raises £360,000 for La Parrilla project

W Resources PLC (LON:WRES) has raised £360,000 to provide working capital during the ramp-up period at its La Parrilla mine in Spain.

The tungsten, tin and gold miner said in an update it issues 90mln ordinary share at the price of 0.4p each – a 12% premium on Thursday’s closing price of 0.35p – to an unnamed new Spanish investor "with experience in the mining industry".

READ: W Resources kicks off tungsten and tin production at La Parrilla

The AIM-listed company, which owns mining assets in Portugal and Spain, expects to receive a €5.3mln (£4.5mln) grant from the regional government of Extremadura in the first quarter of next year.

Tungsten and tin production was kicked off at La Parrilla on Thursday, with chairman Michael Masterman saying he is “pleased with the initial concentrate grades”.

Quick facts: W Resources PLC

Price: 0.305 GBX

AIM:WRES
Market: AIM
Market Cap: £19.45 m
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Full interview: W Resources sells first tungsten concentrate shipment

W Resources (LON:WRES) tells Proactive London that the company has sold its first shipment of tungsten concentrate from the La Parrilla mine in Portugal and confirmed that the proceeds have been received. Executive Chairman stopped off at Proactive London to bring investors up to date on how...

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