W Resources receive support from Spanish investment community

W Resources PLC (LON:WRES), the tungsten, copper and gold mining company with assets in Spain and Portugal, has today completed a placement of 185,511,200 ordinary shares of 0.1p per share at a price of 0.50p per Ordinary Share to raise £927,556 (approximately €1,000,000) before expenses, to two Spanish Investors.

Michael Masterman, Chairman of W Resources, commented: “It is important to balance the final phase of funding on La Parrilla as we head into the most exciting stage of this project, with first ore to the new concentrator plant starting later this month. Ensuring that commissioning is completed to the highest standards has been the priority and we are pleased to receive support from the Spanish investment community, who invested at a premium to current share price, which takes the Company to this next important phase.”

The Board believes that it is in the interest of the Company to broaden the Spanish investor base and deepen regional support. The investors are family offices of successful Spanish businesses in the Extremadura region, where the La Parrilla mine is located.

The funds raised from the subscription will be used to provide additional working capital for the Company during the remaining commissioning process which, despite the high quality build, has been delayed by over a quarter as a result of a failure by allmineral Aufbereitungstechnik GmbH & Co. KG of Germany to complete the La Parrilla Concentrator Plant according to the contracted schedule.

The Company will need to add additional funding over the next two months prior to the expected receipt of grant funding and start of commercial production in order to maintain the pace at which the La Parrilla mine is being developed and has received interest from potential debt and Spanish equity providers. A third Spanish investor has indicated interest to invest €2m on the same terms as this placement but the investment is subject to funds approval which they will target to achieve within the next month. W will keep the market informed in due course.

It is also the intention of the Chairman, Michael Masterman and possibly other Directors to subscribe for shares, on the same terms, following the issue of the Company’s half year results as the Company is currently in a closed period.

Settlement and dealings

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 20 September 2019.

Total Voting Rights

Following admission of the new Ordinary Shares, the Company’s enlarged issued share capital will comprise 6,216,177,640 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 6,216,177,640 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.

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    W resources plc

    More articles like this

    W resources plc

    What are the uses of Tungsten?

    Tungsten derives its name from the Swedish “Tung Sten,” which translates to “heavy stone.” Tungsten is a metal that is gray-white in color. This metal is stable and exhibits high resistance to acids and bases. Tungsten

    W resources plc

    Gold price surges to 7.5-year high

    Gold prices rallied to a more than 7.5-year high on Monday as investors continued to buy the precious metal amid concerns over the strength of the economic recovery and that unprecedented stimulus would lead to inflation down the road.

    W resources plc

    Tungsten And Its Features

    Most of us don’t know, but tungsten has the highest melting point of all metals. We mean pure metals of course. It is also called wolfram. Its symbol is W. In case you didn’t know, tungsten

    W resources plc

    Tungsten Alloys And Their Use

    When tungsten is combined with other metals, we get alloys, highly resistant, heat controlling metals which can be utilized for different purposes. Tungsten is the 4th hardest metal on earth, and it gives stable and vigorous structure

    W resources plc

    Tungsten And its Features

    Most of us don’t know, but tungsten has the highest melting point of all metals. We mean pure metals of course. It is also called wolfram. Its symbol is W. In case you didn’t know, tungsten

    W resources plc

    Tungsten Carbide – The Use And Performance

    The tungsten carbide is created by combining two metals, carbon and tungsten and it is considered as one of the toughest among all alloys. It is extremely reliable and durable. It shouldn’t surprise you why this

    W resources plc

    Six Interesting Facts About Tungsten

    Tungsten is a metal that has atomic number 74, and it has a silver – white color. Many people recognize this metal because it’s used with a light bulb as a filament. Tungsten has an element

    W resources plc

    Tungsten supremacy in the world of metal

    It is quite certain now that Tungsten Metal proved its worth in the metal industry. It reached mainstream usage and it turned out that it is good for so many different things. Its quality is supreme

    W resources plc

    Tungsten Alloys In Medical Application

    Tungsten Metal was discovered in the 17th century, and many people compare its hardness to diamond. This metal has a great heat resistance, and this is one of the reasons why it is so broadly used. It

    W resources plc

    Tungsten at La Parrilla mine

    W Resources Plc (LON:WRES) engages in the exploration and development of tungsten, tin, copper, and gold properties.

    W resources plc

    Uses for Tungsten & Application Examples

    The following uses for tungsten are gathered from a number of sources as well as from anecdotal comments: useful for glass-to-metal seals since the thermal expansion is about the same as borosilicate glass tungsten and its alloys are used extensively for

    W resources plc

    Copper is benefiting from the supply side

    Risk assets are running hot as our pandemic sentiment gauge reads ‘hope’, giving rise to the narrative that the worst is now behind us, per TD Securities. Key quotes “Containment efforts could start to be reconsidered

    W resources plc

    Hot Spotlight: W Resources

    Investors are searching for easily tradable or highly liquid stocks, here we screened W Resources Plc stock with recent volume of 7597305 shares. Particularly for day traders, high volume is crucial, as the higher the volume