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W Resources PLC - Extremadura Grant Update & Loan Facility Extension

RNS Number : 8338L
W Resources PLC
15 January 2021
 

 

 

 

 

 

15 January 2021

 

W Resources Plc

("W" or the "Company")

Extremadura Grant Update and Loan Facility Extension

W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal provides the following update on the Junta de Extremadura Government Grant and the Banco Santander, S.A ("Santander") loan facility extension.

Following a number of meetings towards the end of December 2020 between the Company's senior management and representatives of the Extremadura Government, the Company has been assured that the approved €5.3m grant (the "Grant") is being  processed for payment to the Company, although actual payment is not expected to be made until later in H1 2021. The Company would like to reiterate that it has satisfied all conditions precedent for receipt of the Grant.

The Company has also finalised a six month extension to the €5m loan facility with the Spanish bank, Santander. As the initial term of the loan was the earlier of 18 February 2021 or the receipt of the proceeds of the Grant funds, the Company thought it prudent to seek this extension.

This facility allowed W to monetise the majority of the €5.3m Grant from the Junta de Extremadura Government which the Company had expected to receive in 2020. The facility interest rate is 3.5% per annum, payable quarterly, with no amortisation and is secured by a pledge over the rights to the Grant funds.

Michael Masterman, Chairman of W Resources commented: "We are pleased to have extended this facility with Santander which was initially taken out in February 2020 and look forward to receiving the Grant funds from the Junta de Extremadura Government."

Information communicated within this announcement is deemed to constitute inside information as stipulated under the UK Market Abuse Regulation. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

Enquiries:

W Resources Plc

Paul Hailes, CFO

investor@wresources.com

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 / Zoe Alexander

T: +44 (0) 203 657 0050

www.turnerpope.com

Joint Broker

Alternative Resource Capital / Shard Capital

Alex Wood

T:+44 (0) 20 7186 9004

www.altrescap.com

Damon Heath

T:+44 (0) 20 7186 9952

www.shardcapital.com

Alma PR

Justine James

T: +44 (0) 20 3405 0205

M: +44 (0) 7525 324431

wres@almapr.co.uk

 

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