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W Resources PLC

W Resources begins application process for €5.3mln from Spanish regional government

The company has satisfied the two major conditions required to apply for the grant: completion of the plant with €16.6mln invested and at least 20 full time positions created

W Resources PLC -

W Resources PLC (LON:WRES) has begun the formal application process to receive a €5.3mln grant from the regional government in Extremadura, Spain. 

The AIM-listed company said it has satisfied the two major conditions required to apply for the grant: completion of the plant with €16.6mln invested and at least 20 full time positions created.

W Resources will release its results for the six months to 30 June on 30 September, a period that saw it take out a loan of €3m from Caja Rural de Extremadura at 1.75% interest rate against the previously awarded €5.3m grant.

During the first half, BlackRock also agreed to capitalise the last two interest payments of the BlackRock term loan, equating to US$1.29mln, which was added to the final loan balance.

As of 30 June, cash at bank was €801,148, and the Spanish VAT receivable was just over €1mln.

--Amends with correct interest rate for €3mln loan--

Quick facts: W Resources PLC

Price: £0.00

Market: AIM
Market Cap: £22.92 m
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