Aim-listed W Resources has announced a capital raise of £1.5-million, strengthening its capital reserves and balance sheet as it advances its tungsten and tin development plans.
The placement of 306 122 449 shares at 0.49p a share introduced a new institutional fund manager, Miton, to the company’s shareholder register.
"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,” commented W Resources chairperson Michael Masterman.
Last week, the company started 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 the first half of 2019.