W Resources raises £0.6m in placing

Tungsten, copper and gold exploration and development company W Resources announced on Wednesday it has completed a placement of 171,428,569 ordinary shares of 0.1p per share, at a price of 0.35p per ordinary share to raise approximately £0.6m before expenses, to existing shareholders and Directors of W.

The AIM-traded firm said the funds raised complete the finance package for the first phase of the La Parrilla FTM Mine Development, which has been achieved with limited dilution of shareholders while retaining 100% of the valuable La Parrilla project.

“Application has been made for the new ordinary shares being issued in connection with the Placing to be admitted to trading on AIM which is expected to occur on or around 24 August 2016,” the board of the company said in a statement.

“The funds raised will be used to advance La Parrilla to start up production and provide working capital.”