W Resources completes placing as Chairman takes biggest chunk

W Resources, a tungsten and gold exploration and development company with assets in Spain and Portugal, has completed the placing of around 122.64m shares at 0.7p each to provide 'critical' financing in order to progress with the La Parrilla tailings development. The £858,500 raised will also be used for general working capital purposes.Those investors placing the shares include the Chairman of the group, Michael Masterman, who subscribed for just under 14.29m shares, totalling £0.1m. As such, he is now interested in 742.84m shares, equal to an interest of 43.58% of the total voting rights.The share price rose 6.17% to 1.29p by 13:55.NR