23 May 2022 07:00
23 May 2022
W Resources Plc
("W" or the "Company")
US$2m Drawdown from BlackRock Additional Loan Facility
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, announces that the Company has drawn down US$2m from the additional US$5.5m loan facility ("Loan Facility") provided by funds and accounts managed by BlackRock Financial Management Inc. and / or its affiliates ("BlackRock") as announced on 2 March 2022.
The additional funding will be used to fund working capital requirements at the La Parrilla mine in Spain.
Production at the La Parrilla mine is still suspended as the prices for delivery of Liquefied Natural Gas ("LNG") remain in excess of €500,000 per month, which is far too high to allow production to be economically viable right now. The Company continues to look at alternatives to LNG with its investigation into solar power and also the electricity grid connection upgrade.
The second tranche of US$2m has been received and the Loan Facility will, once fully drawn down, increase the total outstanding BlackRock facility to a principal of US$53m plus accrued interest of circa US$27m.
Alternative Trading Platform
Further to the announcement on 25 April 2022, which advised it is anticipated the Ordinary Shares will cease to be admitted to trading on AIM on or around 24 May 2022, the Company confirms it intends to provide an alternative trading platform for shareholders post the Company's delisting from AIM and will provide an update on this in the coming days.
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
W Resources Plc Paul Hailes investor@wresources.com www.wresources.com |