W Resources (LSE:WRES)
Historical Stock Chart

From Apr 2019 to Apr 2024

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)