W Resources PLC Correction - Corporate and EUR 5.3 m Grant Update (7131L)

TIDMWRES

RNS Number : 7131L

W Resources PLC

09 September 2019

CORRECTION: Corporate and EUR5.3m Grant Update

The following amendment has been made to the 'Corporate and EUR5.3m Grant Update ' announcement released on 9 September 2019 at 10:02am under RNS No 6453L

The first bullet point should read 'loan of EUR3m at 1.75%' not 'loan of EUR3m at 3.00%' as previously stated.

All other details remain unchanged.

9 September 2019

W Resources Plc

("W" or the "Company")

Corporate and EUR 5.3 m Grant Update

W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company announces that it will release its results for the six months to 30 June 2019 on Monday 30 September 2019.

With completion of the plant construction (RNS 29 August 2019), the Company has now satisfied the two major conditions required to apply for the EUR5.3m Grant from the Junta de Extremadura. The two conditions are minimum investment in plant and equipment of EUR 16.6m and the creation of at least 20 full time positions, and we are thus progressing documentation to formally apply to receive this Grant.

During the half year and subsequently, as previously disclosed:

-- Caja Rural de Extremadura provided a loan of EUR3m at 1.75% interest rate against the previously awarded EUR5.3m Grant, from the Junta de Extremadura Government (RNS 9 May 2019)

-- BlackRock Financial Management Inc. agreed to capitalise the last two interest payments of the BlackRock term loan, which equated to US$1.29m, and was added to the final loan balance (RNS 7 August 2019)

At 30 June 2019, cash at bank was EUR801,148, and the Spanish VAT receivable was EUR1,002,996.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. 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 
  Michael Masterman                    Colin Aaronson / Seamus Fricker 
  T: [phone]              T: [phone] 
  www.wresources.com 
 Joint Broker                         Joint Broker 
  Turner Pope Investments (TPI) Ltd    Alternative Resource Capital / 
  Andy Thacker                         Shard Capital 
  T: [phone]              Alex Wood 
  www.turnerpope.com                   T:[phone] 
                                       www.altrescap.com 
  Gable Communications                 Damon Heath 
  Justine James                        T:[phone] 
  T: [phone]              www.shardcapital.com 
  M: [phone] 
 

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September 09, 2019 11:14 ET (15:14 GMT)