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Corporate and EUR 5.3 m Grant Update

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RNS Number : 6453L
W Resources PLC
09 September 2019
 

 

 

 

 

 

 

 

9 September 2019

 

W Resources Plc

("W" or the "Company")

Corporate and € 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 €5.3m Grant from the Junta de Extremadura. The two conditions are minimum investment in plant and equipment of € 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 €3m at 3% interest rate against the previously awarded €5.3m 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 €801,148, and the Spanish VAT receivable was €1,002,996.

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

Michael Masterman

T: +44 (0) 20 7193 7463

www.wresources.com

 

Grant Thornton UK LLP

Colin Aaronson / Seamus Fricker

T: +44 (0) 20 7383 5100

 

 

Joint Broker

Turner Pope Investments (TPI) Ltd

Andy Thacker

T: +44 (0) 203 657 0050

www.turnerpope.com

 

Gable Communications

Justine James

T: +44 (0) 20 7193 7463

M: +44 (0) 7525 324431

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

 


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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Price: 0.32

Market: AIM
Market Cap: £20.41 m
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