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W Resources PLC - BlackRock Amendment Update

RNS Number : 5491X
W Resources PLC
01 September 2020
 

 

 

 

 

 

 

 

1 September 2020

 

W Resources Plc

("W" or the "Company")

 

BlackRock Amendment Update

W Resources Plc (AIM:WRES), the tungsten, tin and gold mining and exploration company with assets in Spain and Portugal, is pleased to provide an update on the amendment to the loan facility provided by Blackrock Financial Management Inc. ("BlackRock").

W Resources previously entered into a Credit Facility with one or more funds managed by BlackRock to provide a secured term loan to the Company to fund the La Parrilla mine development (the "Loan Facility"). W updated the market in the March 2020 and June 2020 quarterly reports that it had agreed in principal to pay BlackRock interest by way of Payment in Kind ("PIK") for the May and August interest payments. The Company and BlackRock have now finalised and executed an amendment agreement to allow payment of interest by PIK for the May, August and, at W Resources option, the November 2020 interest payments. Under the agreement 96,000,000 warrants of W Resources will be issued for the May 2020 PIK payment, warrants equivalent to 2% of the fully diluted capital of the Company will be issued for the August 2020 PIK payment, and W Resources can PIK the November 2020 interest payment for the issue of warrants equivalent to 3% of the fully diluted capital of the Company.

The amendment agreement is just subject to notarisation in Spain and Portugal which has been slower than expected due to COVID-19 restrictions and standard European August shutdown, however this is expected to be finalised within the next 2 weeks.

Michael Masterman, Chairman of W Resources commented: "We are pleased that BlackRock continues to support the Company, highlighted by the revised terms of the amendment to the Loan Facility."

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

Michael Masterman

c/o Alma PR

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) 20 7186 9004

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

[email protected]

 

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Quick facts: W Resources PLC

Price: 0.12174

Market: AIM
Market Cap: £8.73 m
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