W Resources PLC - tungsten, tin and gold mining and exploring company in Spain and Portugal - Says discussions regarding fundraise, which is expected to be in the form of debt, are at a "very advanced stage" and expects to complete the fund raise early next week.
On Tuesday says its poor performance in the fourth quarter of 2021 and large price increases of liquified natural gas means company's cash is lower than expected. Accordingly, it will need to fundraise in the "very short term" to fund mine operations and boost its general working capital buffer. It expects the fundraise to take the form of debt.
Current stock price: 2.30 pence, down 9.8% on Friday
12-month change: down 76%
By Paul McGowan; paulmcgowan@alliancenews.com
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