9 May 2019 07:00
09 May 2019
W Resources Plc
("W" or the "Company")
Advance on €5.3m Grant through Extremadura Bank
W Resources Plc (AIM:WRES), the tungsten, tin and gold production, exploration and development company with assets in Spain and Portugal, has secured a €3m loan facility with Caja Rural de Extremadura ("Caja Rural") that provides an advance of funding against the €5.3m grant awarded by the Junta de Extremadura Government which is expected to be paid to the Company in Q4 2019.
The €3m loan has an interest rate of 1.75% per annum for a term of 15 months, providing an efficient low-cost source of funds to W Resources. The loan provides a solid reserve of working capital at this pivotal point of development as the Company advances the ramp-up of theT2 phase of the La Parrilla mine to design capacity.
Michael Masterman, Chairman of W Resources said: "We are pleased to have secured the €3m facility with Caja Rural. The loan is a cost-effective way to enable advanced access to the Junta de Extremadura Government grant as part of the overall funding as we near completion of the T2 development at La Parrilla."
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
W Resources Plc | Grant Thornton UK LLP |
Michael Masterman | Colin Aaronson / Seamus Fricker |
T: +44 (0) 20 7193 7463 | T: +44 (0) 20 7383 5100 |
www.wresources.com | |
Turner Pope Investments (TPI) Ltd | Gable Communications |
Andy Thacker | Justine James |
T: +44 (0) 203 621 4120 | T: +44 (0) 20 7193 7463 |
www.turnerpope.com | M: +44 (0) 7525 324431 |