W Resources raises £1m in placing

Iberian Peninsula-focused tungsten, copper and gold, production, exploration and development company W Resources announced on Tuesday it has completed a placement of 192,307,693 ordinary shares of 0.1p per share at 0.52p per ordinary share to raise £1m before expenses, to new and existing shareholders and a director of W.

The AIM-traded firm said application has been made for the new ordinary shares being issued to be admitted to trading on AIM, which is expected to occur on or around 7 November.

It said the funds raised will be used to expand production capacity at La Parrilla, complete gold drilling at the highly prospective São Martinho gold deposit and general working capital.

“Following the issue of all new ordinary shares, the company will have 4,360,495,974 ordinary shares in issue and Michael Masterman - and related parties - will be interested in 993,684,698 ordinary shares in the company, representing 22.79 per cent of the company's total voting rights,” the board confirmed in a statement.