5th Nov 2015 09:40
LONDON (Alliance News) - W Resources PLC on Thursday said it has raised about GBP600,000 by placing 120.0 million new shares at 0.50 pence each, as it looks to continue "good development progress" on its La Parrilla Fast Track Mine in Spain.
W Resources said the current stage of development includes "key" early stage engineering and procurement, enabling it to shorten the development timetable, in addition to lodging environmental performance bonds to ensure "timely" approvals.
Work is also continuing on areas such as producing an updated mine plan and resource estimate, finalising the land access agreements, and securing the mining permit from the mines department of the regional authority of the Junta de Extremadura.
"We are very happy with the accelerated pace of development at La Parrilla and this placing enables us to get to a major milestone in the development programme. The increased grade and upside potential at La Parrilla continue to be evaluated and we expect to have an updated resource estimate within the next three months," Chairman Michael Masterman said in a statement.
One investor that took part in the placing was Symmall Pty Ltd as trustee of the Masterman Superannuation Fund of which Masterman is both a beneficiary and trustee. It has subscribed for 15.0 million shares.
Shares in W Resources were down 6.1% at 0.498 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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