Michael Masterman, Chairman of W Resources, commented: “We are delighted to welcome Miton to our shareholder register. Miton is an award winning fund management group and this investment represents an important milestone for W just as it enters production and the commissioning of its new plant. The funds raised will further underpin the development work, driving shareholder value and we look forward to further updating shareholders of progress in the coming weeks.”
W Resources Plc (LON:WRES), the tungsten, copper and gold mining company with assets in Spain and Portugal, has completed a placement of 306,122,449 ordinary shares of 0.1p per share at 0.49p per Ordinary Share to raise £1,500,000 before expenses to new and existing shareholders of W. The placement brings on the register the well-known institutional fund manager Miton Group (“Miton”) and significantly strengthens institutional participation in the register.
As announced on 20 November 2018, the Company commenced early start-up of production of tungsten and tin concentrate at the La Parrilla mine in Spain as part of a planned staged build-up to full mine production in H1 2019.
The Placing ensures strong working capital reserves and balance sheet with institutional support as the Company advances its tungsten and tin development plans.
Application will be made for the new Ordinary Shares being issued in connection with the Placing to be admitted to trading on AIM with admission expected to occur on or around 4 December 2018.
Following admission of the new Ordinary Shares, the Company’s enlarged issued share capital will comprise 5,784,197,054 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 5,784,197,054 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.