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W Resources said it had placed new shares to two Spanish investors to raise around £0.93m following the delayed start-up of its La Parrilla tungsten mine in Spain.
The shares were issued at 0.5p each.
The funds would be used to support the commissioning of La Parrilla, which had been delayed by over a quarter.
The delay was caused by a failure by contractor Allmineral Aufbereitungstechnik to complete a concentrator plant according to the contracted schedule, W Resources said.
The investors were family offices of successful Spanish businesses in the Extremadura region, where the La Parrilla mine was located, it added.
'It is important to balance the final phase of funding on La Parrilla as we head into the most exciting stage of this project, with first ore to the new concentrator plant starting later this month,' chairman Michael Masterman said.
'Ensuring that commissioning is completed to the highest standards has been the priority and we are pleased to receive support from the Spanish investment community, who invested at a premium to current share price, which takes the company to this next important phase.'
At 9:48am: (LON:WRES) W Resources PLC share price was +0.02p at 0.39p