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W Resources secures US$35mln loan with BlackRock to fully fund La Parrilla

Published: 08:53 16 Feb 2018 GMT

Michael Masterman, chairman of W Resources PLC (LON:WRES), tells Proactive they've secured a US$35mln loan which fully funds the La Parrilla mine development.

BlackRock Financial Management is providing the loan, which will have a five year schedule term (with the option for early repayment) and it has an average interest rate of 12.6%.

The lender will also receive an upfront fee as well as share warrants.

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