W Resources PLC (LON:WRES) has raised £360,000 to provide working capital during the ramp-up period at its La Parrilla mine in Spain.

The tungsten, tin and gold miner said in an update it issues 90mln ordinary share at the price of 0.4p each – a 12% premium on Thursday’s closing price of 0.35p – to an unnamed new Spanish investor “with experience in the mining industry”.

READ: W Resources kicks off tungsten and tin production at La Parrilla

The AIM-listed company, which owns mining assets in Portugal and Spain, expects to receive a €5.3mln (£4.5mln) grant from the regional government of Extremadura in the first quarter of next year.

Tungsten and tin production was kicked off at La Parrilla on Thursday, with chairman Michael Masterman saying he is “pleased with the initial concentrate grades”.