LONDON (Alliance News) - W Resources PLC on Friday said it has repaid USD250,000 of its Bergen convertible note in cash and has issued shares to cover part of the repayment of the facility.
W Resources said it has repaid the USD250,000 through proceeds from working capital, which has been strengthened by the receipt of VAT refunds, and through the lending facility it announced with Spanish bank BBVA SA in February.
The company intends to repay the balance of the note in cash within the next few weeks.
As part of the repayment, W Resources has completed a share placing, raising GBP375,000 via the issue of 187.5 million shares at 0.2 pence per share.
Shares in W Resources were up 8.2% to 0.238 pence on Friday, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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