W Resources PLC BlackRock Additional US$5.5m Loan Facility (3454D)
March 02 2022 - 2:01AM
UK Regulatory
TIDMWRES
RNS Number : 3454D
W Resources PLC
02 March 2022
2 March 2022
W Resources Plc
("W" or the "Company")
BlackRock Additional US$5.5m Loan Facility and Amendment
Update
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
company with assets in Spain and Portugal, announces that one or
more funds and accounts managed by BlackRock Financial Management
Inc. ("BlackRock") have agreed to increase W's existing loan
facility ("Loan Facility") by an additional US$5.5 million.
The additional funding will in part be used to fund some items
of Capital Expenditure at the La Parrilla mine, including
additional plant and equipment, completion of the crushed ore
stockpile, improved laboratories and improved buildings for both
finished goods and spare part stocks as well as providing an
increased working capital buffer.
Under the amendment agreement, the cash interest rate from now
until maturity remains unchanged whilst the Payments in Kind
interest rate will accrue at a small premium to the cash interest
rate. Warrants to subscribe for 61,351,025 W ordinary shares of
0.1p each at par, equal to 2 5% of the fully diluted share capital
of the Company, will be issued to BlackRock in consideration of the
Loan Facility.
All previous share warrants totalling 54,673,473 issued to
BlackRock up until February 2022 and representing 22.9% of the
fully diluted share capital have been cancelled.
Chairman, Michael Masterman commented : "Whilst we have
experienced a number of challenges over the previous four months, I
believe the Company is now well positioned to bring about an
increase in concentrate production.
This confidence is further underpinned by the continued support
from BlackRock at this pivotal point in production at La Parrilla.
The initial US$2.5m tranche of funds has been drawn down and funds
should be received later this week. The additional facility will,
once fully drawn down, increase the total outstanding BlackRock
facility to a principal of US$53 million plus accrued interest of
circa US$25 million ."
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 Grant Thornton UK LLP
Paul Hailes Colin Aaronson / Harrison Clarke
investor@wresources.com / Samuel Littler
www.wresources.com T: +44 (0) 20 7383 5100
Broker Damon Heath
Alternative Resource Capital / T:+44 (0) 207 186 9952
Shard Capital www.shardcapital.com
Alex Wood
T:+44 (0) 207 186 9004
www.altrescap.com
Alma PR
Justine James
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
MSCMZGGFVZDGZZG
(END) Dow Jones Newswires
March 02, 2022 02:01 ET (07:01 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
