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13 Apr 2015 09:51
13 April 2015
W Resources Plc
("W" or the "Company")
Bergen Facility Fully Repaid
W Resources Plc (AIM:WRES), a tungsten, copper and gold mining, exploration, development and production company has now fully repaid the US$800,000 Bergen convertible note, entered into on 16 October 2014, having repaid the outstanding balance of US$550,000.
Following this repayment, W is in a stronger position with respect to working capital with its BBVA facility in place, entered into on 13 February 2015, in addition to the VAT refund of approximately €200,000 recently received and the pending VAT refund of approximately €500,000 expected this quarter.
The priority is to now focus on advancing the options with regard to funding the US$15-20 million development at the La Parrilla Fast Track Mine with the target of first mine production in 2016. The Company is looking to raise equity and debt finance at La Parrilla / Iberian Resources Spain SL asset level, in order to mitigate against further dilution. Initial discussions with regard to customer funding and strategic investor opportunities are progressing.
Enquiries:
W Resources Plc | Grant Thornton UK LLP |
Michael Masterman | Colin Aaronson / Jen Clarke / Harrison Clarke |
T: +44 (0) 20 7193 7463 | T: +44 (0) 20 7383 5100 |
www.wresources.co.uk | |
SI Capital | Gable Communications |
Andy Thacker / Nick Emerson | Justine James |
T: +44 (0) 1483 413500 | T: +44 (0) 20 7193 7463 |
www.sicapital.co.uk | M: +44 (0) 7525 324431 |
About W
In 2012, W Resources Plc (AIM:WRES) made the successful transition into a tungsten production exploration and development company with projects in Spain and Portugal, following two acquisitions. Projects now include La Parrilla, a tungsten project in Spain and Régua and Tarouca Tungsten projects and the Portalegre copper-gold project in Portugal.
The Company's deposits and tungsten mine developments offer a low cost, high margin resource development opportunity due to a strong market following for Tungsten, increased trading and a forecast shortage of supply. The price of tungsten has more than doubled in past three years and is in the top 5 critical metals list.
The Board is focused to explore further opportunities in the region with a view to building a mid-tier minor metal producer.
The Company was incorporated in England and Wales in 2004.
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