W Resources updates on La Parrilla financing

W Resources PLC (LON:WRES) had updated on its ongoing financing discussions for the La Parrilla tungsten project in Spain.

The mining firm has advanced a €2.78mln (£2.4mln) funding package to help ramp-up production at the site as well as to support the companys existing €155,000 (£132,780) cash balance.

READ: W Resources continues to advance ramp-up activities at La Parrilla

Meanwhile, the group has raised around £289,000 through the placing of 72.2mln new shares at a price of 0.4p each, a 17.6% premium on its Thursday close price.

WRES added that it has also been in advanced discussions with Spanish banks and debt providers to increase debt funding lines by at least €1mln to support a ramp-up of production at La Parrilla, although a firm commitment has not yet been finalised.

In the meantime, the company has been lent around £343,000 in short term loans from three of its directors, BRead More – Source