LONDON (Alliance News) - W Resources PLC Monday said it has fully repaid the USD800,000 Bergen convertible note after paying the outstanding USD550,000 balance and now turns its attention to securing the necessary finance to progress the La Parrilla mine in Spain mine into production in 2016.
The tungsten, copper and gold miner said it is now in a better working capital position after repaying the convertible note as it has a EUR225,000 finance facility from Spanish bank BBVA, which it secured in February.
W Resources also said it recently received a EUR200,000 VAT refund and is expecting a further EUR500,000 VAT refund in the current quarter.
The priority is to now focus on advancing the options with regard to funding the USD15 million to USD20 million development at the La Parrilla fast track mine with the target of first mine production in 2016. The company is hoping to raise equity and debt finance secured against assets at La Parilla and against its subsidiary, Iberian Resources Spain SL, to minimise share dilution.
W Resource shares leapt 11.1% to 0.300 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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