LONDON (Alliance News) - W Resources PLC Tuesday said it has completed a placing of 97 million shares at 0.80 pence per share to raise roughly GBP776,000.
The tungsten and gold exploration and development company, with assets in Spain and Portugal, said it will use the funds from the placing to reach production from its La Parrilla site in Spain and for exploration costs.
"The capital raising provides the working capital to drive La Parrilla into tungsten production and continue the momentum of our successful copper-gold and tungsten exploration at CAA / Portalegre and Tarouca," Chairman Michael Masterman said in a statement.
The company has been moving towards production from its La Parrilla Mine, where its JORC inferred resource was increased by 30% to 46.9 million tonnes of ore at 0.09% tungsten trioxide during the period, and construction was completed for its Tailings processing facility at the site in the first quarter 2014.
W Resources shares were down 1.2% to 0.800 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.