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W Resources raises £2.5m to lower water level at La Parrilla mine
StockMarketWire.com
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Tungsten miner W Resources said it would raise £2.5 million from a share issue to lower the water level at its La Parrilla mine in Spain and regain access to higher-grade ore.
New shares in the company were offered at 8p each, with £2.26 million raise from new and existing investors.
Chairman Michael Masterman had committed to personally investing an additional £0.25 million.
'The majority of the funds raised from the Placing will be used to achieve the permanent solution to high water levels thereby giving access to higher-grade ore and significantly increasing tungsten and tin production at the La Parrilla mine as well as providing additional working capital to cover the ramp-up in production,' the company said.
'Until the works are completed, the W team continues to process mid and lower level grade ore.'
'Access to high-grade ore is expected to re-commence in the third quarter of 2021.'
'Tungsten recovery rates continue to improve and were about 50% during the month of April 2021'
Story provided by StockMarketWire.com
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