viewW Resources PLC

W Resources secures new €5mln debt facility

W Resources recently began production of tungsten at its La Parrilla project in Spain

W Resources PLC -

W Resources PLC (LON:WRES) has put in place a €5mln facility with Banco Santander, with the firm to use the money to repay an existing €3mln loan from Caja Rural de Extremadura and to provide a net €2mln of additional working capital and liquidity.

The facility allows W Resources to monetise the majority of the €5.3mln grant from Junta de Extremadura Government, which the company had expected to receive in the first quarter of 2020 which it is likely to receive now until mid-2020.

W Resources has met all conditions by which the grant will be awarded. Receipt has been delayed by a combination of construction completion delays and the normal review and verification process of the Extremadura government.

The Santander facility interest rate is 3% per annum, payable quarterly, with no amortisation and is secured by a pledge over the rights to the grant funds. The term of the loan is the earlier of 12 months or the receipt of the proceeds of the grant funds.

"We are pleased to have closed this new facility with Santander which will provide additional flexibility and liquidity at low-cost to the group,” said W Resources chairman Michael Masterman.

“Santander is a leading European bank and we look forward to strengthening our relationship with them. We greatly thank Caja Rural for their interim support of the development of La Parrilla."

W Resources is a tungsten producer with assets in Spain and Portugal

Quick facts: W Resources PLC

Price: 0.1188 GBX

Market: AIM
Market Cap: £8.52 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of W Resources PLC named herein, including the promotion by the Company of W Resources PLC in any Content on the Site, the Company receives from...


W Resources make new Executive Director and CFO Appointment

W Resources PLC 's (LON:WRES) chairman Michael Masterman and Pablo Neira talks to Proactive London's Katie Pilbeam about the announcement that Neira, already a Non Executive Director has been appointed Executive Director. His specific focus will be on overseeing the La Parrilla tungsten and...

5 days, 6 hours ago

2 min read