W Resources PLC Extremadura Grant Update & Loan Facility Extension (8338L)
January 15 2021 - 2:51AM
UK Regulatory
TIDMWRES
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 EUR5.3m 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
EUR5m 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 EUR5.3m
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 Grant Thornton UK LLP
Paul Hailes, CFO Colin Aaronson / Seamus Fricker
investor@wresources.com T: +44 (0) 20 7383 5100
www.wresources.com
Joint Broker Joint Broker
Turner Pope Investments (TPI) Alternative Resource Capital /
Ltd Shard Capital
Andy Thacker / Zoe Alexander Alex Wood
T: +44 (0) 203 657 0050 T:+44 (0) 20 7186 9004
www.turnerpope.com 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDELBFFFLLBBQ
(END) Dow Jones Newswires
January 15, 2021 02:51 ET (07:51 GMT)
W Resources (LSE:WRES)
Historical Stock Chart
From Mar 2024 to Apr 2024
W Resources (LSE:WRES)
Historical Stock Chart
From Apr 2023 to Apr 2024