RE: WRES19 Apr 2022 22:18
I'll post this AGAIN. Maybe read it this time Troajan
"The RNS says "The suspension of operations places significant financial pressure on the Company's subsidiary in Spain, Iberian Resources Spain ("IRS") which has very limited cash" VERY LIMITED
" W Resources has drawn US$2.5m from the expanded US$5.5m facility provided by one or more funds and accounts managed by BlackRock Financial Management, Inc. and/or its affiliates ("BlackRock") as announced on 2 March 2022." HAS DRAWN DOWN NOT HAS IN THE BANK
" In light of the above mentioned events, the Company is in discussions with BlackRock regarding the timing of incremental drawdowns." THEY NEED MORE BUT BLACKROCK ARE HOLDING OUT
"The Company believes that utilisation of its funding facilities in full and resolution of the supplier dispute will enable the Company to continue operating for approximately three to four months in the absence of the re-commencement of mining operations at La Parrilla" ONLY IF THEY GET THE BALANCE OF $3m FROM BLACKROCK
"During the shutdown period the Company is applying for Spanish government support under the Expediente de Regulación Temporal de Empleo ("ERTE") employment retention programme" THE WORKERS HAVE BEEN LAYED OFF
An ERTE or Temporary Employment Regulation File is a temporary collective dismissal procedure. This may be due to different reasons that are beyond the control of the company, such as economic, technical, organizational or production causes or derived from temporary force majeure. Not to be confused with the ERE
Unlike an ERE, the ERTE does not have the right to receive compensation of 20 days for each year worked, with a maximum of 12 monthly payments
Workers consume their unemployment benefit while the ERTE is applied. The salary in the first 180 days becomes 70%; In the event of losing your job , the days consumed by the ERTE are deducted from the period with the right to payment"