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W Resources PLC - Spanish Bank Loan Facilities

RNS Number : 7339T
W Resources PLC
22 July 2020
 

 

 

 

 

 

 

22 July 2020

 

W Resources Plc

("W" or the "Company")

 

Spanish Bank Loan Facilities

W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, announces that it has signed a series of new Spanish government guaranteed loan facilities with Spanish banks.

Under the COVID-19 state of emergency, the Spanish state-owned bank (attached to the Ministry of Economy and Business), the Instituto de Crédito Oficial ("ICO"), is providing loan guarantees of up to 80% of loan value to Spanish banks providing loans to Spanish companies, which are also referred to as ICOs. €1.82m of such facilities at annual interest rates of 2-3% pa has been secured with four major banks: CaixaBank, S.A, Bankinter, S.A, Banco Bilbao Vizcaya Argentaria, S.A ("BBVA") and the Caja Rural de Extremadura Sociedad Cooperativa de Crédito ("Caja Rural de Extremadura"). These facilities refinance and extend the maturity of some existing lines, the details of which are listed below and provide a net €1.02m of additional working capital funding. All loan agreements and extensions are to the Company's 100% owned subsidiary, Iberian Resources Spain ("IRS"):

The specific new facilities are:

·       A loan for €400,000 from Bankinter S.A, with a term of 5 years.

·       A loan for €120,000 from BBVA, with a term of 5 years.

·       A loan for €500,000 from Caja Rural de Extremadura, with a term of 5 years.

The extensions to existing loan facilities are as follows:

·       CaixaBank, S.A. has extended the term of the €500,000 revolving credit facility from 30 May 2020 to 4 June 2025, guaranteed by W Resources Plc and also by ICO.

·       BBVA has extended the term on the existing €300,000 overdraft facility from 18 June 2020 to 18 June 2025 and it is now guaranteed as an ICO loan.

Michael Masterman, Chairman of W Resources, commented: "In the current challenging environment it has been important to secure additional financing from the major Spanish banks. The funds extend existing lines and provide new working capital at low interest cost."

Enquiries:

W Resources Plc

Michael Masterman

T: +44 (0) 20 7193 7463

www.wresources.com

Grant Thornton UK LLP

Colin Aaronson / Jen Clarke / 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) 207 186 9004

www.altrescap.com

Damon Heath

T:+44 (0) 207 186 9952

www.shardcapital.com

Alma PR

Justine James

M: +44 (0) 7525 324431

[email protected]

 


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 [email protected] or visit www.rns.com.
 
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