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27 Oct 2014 07:00
27 October 2014
W Resources Plc
("W" or the "Company")
Bergen First Closing Completed
W Resources Plc (AIM:WRES), the tungsten, copper and gold production, exploration and development company with assets in Spain and Portugal, announces it has successfully executed the first closing with Bergen Asset Management, LLC, a New York asset management firm.
The Company has received US$800,000 from the issue of the convertible zero interest security, strengthening the W Resources balance sheet. The other provisions outlined in the 16 October 2014 Company announcement including the commitment fee share issue have also been implemented.
Enquiries:
W Resources Plc | Grant Thornton UK LLP |
Michael Masterman | Colin Aaronson / Melanie Frean / Jen Clarke |
T: +44 (0) 20 7193 7463 | T: +44 (0) 20 7383 5100 |
www.wresources.co.uk | |
SI Capital | Gable Communications |
Andy Thacker / Nick Emerson | John Bick |
T: +44 (0) 1483 413500 | T: +44 (0) 20 7193 7463 |
www.sicapital.co.uk | M: +44 (0) 7872 061007 |
About W
In 2012, W Resources Plc (AIM:WRES) made the successful transition into a tungsten production, exploration and development company with projects in Spain and Portugal, following two acquisitions. Projects now include La Parrilla, a tungsten project in Spain and Régua and Tarouca Tungsten projects and the Portalegre gold project in Portugal.
The Company's deposits and tungsten mine developments offer a low cost, high margin resource development opportunity due to a strong market following for Tungsten, increased trading and a forecast shortage of supply. The price of tungsten has more than doubled in past three years and is in the top 5 critical metals list.
The Board is focused to explore further opportunities in the region with a view to building a mid-tier minor metal producer.
The Company was incorporated in England and Wales in 2004
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