leadf
logo-loader
viewW Resources PLC
(
AIM:WRES
)

W Resources updates on government grant and loan extension

The miner said it expects to receive a €5.3mln grant from the Junta de Extremadura government in Spain later in the first half of 2021

W Resources PLC - W Resources updates on government grant and loan extension

W Resources PLC (LON:WRES) has updated investors on a grant from the Junta de Extremadura government in Spain as well as an extension to its loan facility with Banco Santander.

The AIM-listed tungsten, tin and gold miner said following a number of meetings toward the end of December between its senior management and representatives of the Extremadura government, it has been assured that the approved €5.3mln (£4.7mln) grant is being processed for payment, although actual payment is not expected to be made until later in the first half of 2021.

READ: W Resources draws down £500,000 from Atlas convertible bond facility

Meanwhile, the firm said it has finalised a six-month extension to the €5mln (£4.4mln) loan facility with Santander, saying that as the initial term of the loan was the earlier of February 18, 2021, or the receipt of the proceeds of the grant funds, it was prudent to seek the extension.

W Resources added that the loan allowed it to monetise the majority of the government grant, which it had expected to receive in 2020.

"We are pleased to have extended this facility with Santander which was initially taken out in February 2020 and look forward to receiving the grant funds from the Junta de Extremadura Government", chairman Michael Masterman said in a statement.

Shares in the company were steady at 0.1p in early deals on Friday.

Quick facts: W Resources PLC

Follow
AIM:WRES

Price: 6.55 GBX

Market Cap: £7.82 m

Add related topics to MyProactive

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

NO INVESTMENT ADVICE

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 named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

UK inflation jumps to record in August due to jump in food and drink prices

FTSE 100 edged lower as investors digested the government’s plans for dealing with a rise in coronavirus infections and the record hike in inflation last month. London’s blue chip index was down 3 points in early trades at 7,031. UK annual inflation surged to 3.2% in August, the biggest...

5 days, 8 hours ago

2 min read