26th Jun 2015 10:20
LONDON (Alliance News) - W Resources PLC Friday said it has raised GBP1.2 million after placing just under 400 million shares at 0.30 pence per share to progress its La Parrilla mine in Spain through environmental approval and into production in late 2016.
W Resources shares were down 3.5% to 0.304 pence per share on Friday late morning.
Under the placing, Symall Pty Ltd subscribed to 46.7 million shares for GBP140,000. Symall is a trsutee of the Masterman Superannuation Fund, of which W Resources Chairman Michael Masterman is a beneficiary.
Beronia Investments Pty Ltd, of which Director Byron Pirola is a beneficiary, also subscribed to 53.4 million shares for GBP160,000.
Following the placing, W Resources will have 3.57 billion shares in issue, and Masterman will be interested in a total of 917.2 million shares, or a 25.7% stake, and Pirola will be interested in 250.2 million shares which represents a 7% stake.
W Resources has also appointed Northland Capital Partners Ltd as its joint broker to the company with immediate effect.
By Joshua Warner; [email protected]; @JoshAlliance
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