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W Resources secures €3mln loan facility

The loan provides a solid reserve of working capital at this pivotal point of development as the company advances the ramp-up of the T2 phase of the La Parrilla mine to design capacity.
Euros
"We are pleased to have secured the €3m facility with Caja Rural," said Michael Masterman, the chairman of W Resources

Tungsten miner W Resources PLC (LON:WRES) has secured a €3mln loan facility with Caja Rural de Extremadura.

The loan facility provides an advance of funding against the €5.3mln grant awarded by the Junta de Extremadura Government that is expected to be paid to the company in the final quarter of 2019.

READ W Resources continues to advance La Parilla on-budget

The loan has an interest rate of 1.75% a year and runs for 15 months.

"The loan is a cost-effective way to enable advanced access to the Junta de Extremadura Government grant as part of the overall funding as we near completion of the T2 development at La Parrilla," said Michael Masterman, the chairman of W Resources.

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