RE: RNS out15 Jan 2021 08:10
An excerpt from the Feb 2020 Grant update RNS
"The facility allows W to monetise the majority of the €5.3m Grant from Junta de Extremadura Government (the "Grant") which the Company had expected to receive in Q1 2020 and is now anticipated to receive by mid-2020. W has met all conditions by which the Grant will be awarded although receipt has been delayed by a combination of the allmineral Aufbereitungstechnik GmbH & Co construction completion delays and the normal review and verification process of the Extremadura government.
The facility interest rate is 3% per annum, payable quarterly, with no amortisation and is secured by a pledge over the rights to the Grant funds. The term of the loan is the earlier of 12 months or the receipt of the proceeds of the Grant funds."
Same words, but note that WRES is now paying a higher interest rate on this extension. It was 3% but has been increased to 3.5%