RR5 Apr 2018 23:07
W Resources Plc (AIM:WRES), the tungsten, copper and gold, production, exploration and development company with assets in Spain and Portugal, has completed a placement of 232,142,857 ordinary shares of 0.1p per share ("Ordinary Shares") at 0.28p per Ordinary Share to raise �650,000 (the "Placing"), before expenses to new and existing shareholders of W. It is anticipated that parties connected with two of the Company's directors, Michael Masterman and Byron Pirola, will subscribe for shares on the same terms within the next few days.
The funds raised will be used to provide general working capital and to advance the La Parrilla mine development in the lead up to the planned debt financing completion in the second half of 2017. This includes:
- Completion of procurement and selective engineering on key plant items
- Final award of the the crusher and concentrator packages
- Completion of small spend items help advance project execution
- Land access payment as per existing agreements with land owners