£756,000 Placing to Spanish Investors at 0.36p
W Resources Plc (AIM:WRES), the tungsten, copper and gold mining company with assets in Spain and Portugal, has completed a placement of 209,999,998 ordinary shares of 0.1p per share (“Ordinary Shares”) at a price of 0.36p per Ordinary Share to raise £756,000 (the “Placing”) before expenses, to new Spanish Investors.
The funds raised from the Placing will be used to advance Régua development and provide additional working capital for the Company.
Michael Masterman, Chairman of W Resources, commented: “It’s important to have the continued strong support of the Spanish investors at a time of volatility. Funds will be used to advance the Régua mine and provide a strong base of working capital for W Resources”
Settlement and dealings
Application will be made for the new Ordinary Shares being issued in connection with the Placing to be admitted to trading on AIM with admission expected to occur on or around 16 March 2020.
Total Voting Rights
Following admission of the new Ordinary Shares, the Company’s enlarged issued share capital will comprise 6,700,042,777 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 6,700,042,777 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
R é gua First Mine Blast, La Parrilla Update
Dr Byron Pirola Retires as Director
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, is pleased to provide an update on progress at Régua in Portugal and La Parrilla in Spain, its two most advanced mining operations. The Company also announces that after 12 years as a Director, Dr Byron Pirola will retire from the W Resources Plc Board on 30 March 2020.
The first blast at the Régua mine in Northern Portugal was safely and successfully completed last week. Mining operations have been underway since February and the first blast signifies an important milestone for the project. The blast opens up the RL240m adit zone which will cover 122 metres prior to intersecting ore. The ore will be trucked to the Crusher Plant which will be located in a nearby aggregate quarry for initial processing.
Engineering and procurement is advanced for construction of the Régua plant. In addition to existing spirals, pumps and screens on-site, a new VSI mill (Vertical Shaft Impactor) has been procured from Spain.
La Parrilla, Spain
Ramp-up is progressing and the mine continues to deliver the scheduled grades of tungsten and tin ore to the plant at low waste-to-ore strip ratios. As part of the ramp up process, a series of improvement initiatives were successfully implemented during a planned shutdown in February 2020 and as a result the Company has seen a material step change improvement in recoveries and overall production rates at the La Parrilla plant in March 2020.
A full update on La Parrilla production for the March quarter and further guidance in relation to developments at Régua will be provided in April 2020.
Michael Masterman, Chairman of W, commented : “It is very important to have a safe and successful start to our mining operation at Régua. The portal to the underground mine is now open and we will progress trial mine operations over the next two months.”
Michael Masterman, Retires as Director
After 12 years as a Director, Dr Byron Pirola will retire from the W Resources Plc Board on 30 March 2020. Dr Pirola intends to retain his core shareholding in the Company.
Mr Michael Masterman, Chairman of W, commented : “Byron has been a fantastic Non-executive Director contributing to the strategic and financial direction of the Company and maintaining a strong shareholding investment. We will miss Byron from the Board but are very pleased he plans to continue as a strong core shareholder.”
Dr Byron Pirola, commented: “Following many years on the Board of Directors, I am pleased to leave it in a strong position with an expanded board, and our key asset in production ramp-up. While my increasing business demands mean I will be unable to continue to give my Board duties the attention they require, in resigning from the Board, I remain a strong supportive shareholder of the Company and look forward to its ongoing success.”
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