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W Resources Plc #WRES announced that it has completed a placement of 209,999,998 ordinary shares of 0.1p per share at a price of 0.36p per ordinary share to raise £756,000 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. 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. Separately, 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. 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. The company also announced that after 12 years as a Director, Dr Byron Pirola will retire from the board on 30 March 2020.
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