W Resources raises £1.2m in share placing
Updated : 12:13
W Resources said on Friday that it had completed a placement of just under 400m shares at 0.30p, raising around £1.2m before expenses.
The funds raised will be used to progress development at the 100% owned La Parilla Fast Track Mine (FTM), including the environment approval and for general working capital purposes as management works to finalise the funding to bring the FTM into production in late 2016.
Symmall Pty, which is a trustee of the Masterman Superannuation Fund, subscribed for 46.7m shares amounting to £140,000 and Beronia Investment Pty, of which director Byron Pirola is a beneficiary, subscribed for 53.4m shares for £160,000.
Following the issue, the company will have 3.57bn shares in issue, Masterman will be interested in 917m, and Pirola will be interested in 250.2 million shares.
The company also announced the appointment of Northland Capital Partners Limited as joint broker with immediate effect.
At 1149 BST, shares were down 3.2% at 0.3050p.