9 Sep 2019 10:02
9 September 2019
W Resources Plc
("W" or the "Company")
Corporate and € 5.3 m Grant Update
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company announces that it will release its results for the six months to 30 June 2019 on Monday 30 September 2019.
With completion of the plant construction (RNS 29 August 2019), the Company has now satisfied the two major conditions required to apply for the €5.3m Grant from the Junta de Extremadura. The two conditions are minimum investment in plant and equipment of € 16.6m and the creation of at least 20 full time positions, and we are thus progressing documentation to formally apply to receive this Grant.
During the half year and subsequently, as previously disclosed:
·; Caja Rural de Extremadura provided a loan of €3m at 3% interest rate against the previously awarded €5.3m Grant, from the Junta de Extremadura Government (RNS 9 May 2019)
·; BlackRock Financial Management Inc. agreed to capitalise the last two interest payments of the BlackRock term loan, which equated to US$1.29m, and was added to the final loan balance (RNS 7 August 2019)
At 30 June 2019, cash at bank was €801,148, and the Spanish VAT receivable was €1,002,996.
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 Michael Masterman T: +44 (0) 20 7193 7463 www.wresources.com
| Grant Thornton UK LLP Colin Aaronson / Seamus Fricker T: +44 (0) 20 7383 5100
|
Joint Broker Turner Pope Investments (TPI) Ltd Andy Thacker T: +44 (0) 203 657 0050 www.turnerpope.com
Gable Communications Justine James T: +44 (0) 20 7193 7463 M: +44 (0) 7525 324431 | Joint Broker Alternative Resource Capital / Shard Capital Alex Wood T:+44 (0) 207 186 9004 www.altrescap.com Damon Heath T:+44 (0) 207 186 9952 www.shardcapital.com |