W Resources Plc said Oct. 5 that it identified two major customers for about 80% of the company's planned 2,700 tonnes per annum of tungsten concentrate production at its La Parrilla tungsten-tin project in Spain.
The company signed a letter of intent with one of the customers and expects to do the same with the other customer shortly.
The London-listed company intends to convert the LOIs into formal contracts in the fourth quarter, The deals would support the US$30 million debt financing for the project.
In addition, the company raised £900,000 through the issuance of 240 million ordinary shares at 37.5 British pence each and expects to secure an additional £100,000 in the next few days, as a director subscribed for a further 26,666,666 shares on the same terms.
These funds will be used to accelerate the La Parrilla construction schedule prior to securing the targeted US$30 million debt financing.