15th Nov 2019 18:12
(Alliance News) - Miner W Resources PLC late Friday said it has advanced a funding package of EUR2.8 million for the ramp-up of production at its La Parrilla project in Spain.
The company said the funding package to help ramp-up production at the site, as well as support its existing EUR155,000 cash balance.
Further, W Resources said it has been in advanced discussions with Spanish banks and debt providers to increase debt funding lines by at least EUR1 million to support a ramp-up at La Parrilla, although a firm commitment has not yet been finalised.
In addition, W Resources has been lent around GBP343,000 in short term loans from three of its directors, Byron Pirola, Michael Masterman and James Argalas.
Meanwhile, the company said it has raised around GBP289,000 through the placing of 72.2 million new shares at a price of 0.4p each, which is a 17.6% premium on its Thursday closing price.
The stock closed up 2.9% at 0.35p in London on Friday.
By Arvind Bhunjun; [email protected]
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