W Resources PLC (AIM:WRES) has raised GBP750,000 through a placement of shares at 6p to move forward with its development of the Regua tungsten mine in Portugal.
An environmental impact study report is scheduled for this quarter at Regua with the first production targeted for the second half of 2022.
A portion of the money will also be used to improve the laboratories, finished goods warehouse and spare parts warehouse at the group’s La Parrilla tungsten mine in Spain.
Symmall Pty, chairman Michael Masterman’s pension vehicle, and James Argalas, a non-executive director, investied GBP100,000 and GBP50,000 respectively in the placing.
Placing subscribers get a warrant exercisable on a 1:1 basis over the next two years at 12p per share.
Masterman said: “We are delighted to have recently been awarded two licences from the Directorate General for Energy and Geology in Portugal.
“The Regua tungsten mining licence and the Assumar gold prospect exploration licence are both valuable assets within our mining portfolio.
“Whilst realising added value from the Assumar prospect is a longer-term opportunity, the company expects production of tungsten from the Regua mine to commence in H2 2022.”