WRES W Resources Plc

TIDMWRES

RNS Number : 4344Y

W Resources PLC

09 May 2019

09 May 2019

W Resources Plc

("W" or the "Company")

Advance on EUR5.3m Grant through Extremadura Bank

W Resources Plc (AIM:WRES), the tungsten, tin and gold production, exploration and development company with assets in Spain and Portugal, has secured a EUR3m loan facility with Caja Rural de Extremadura ("Caja Rural") that provides an advance of funding against the EUR5.3m grant awarded by the Junta de Extremadura Government which is expected to be paid to the Company in Q4 2019.

The EUR3m loan has an interest rate of 1.75% per annum for a term of 15 months, providing an efficient low-cost source of funds to W Resources. The loan provides a solid reserve of working capital at this pivotal point of development as the Company advances the ramp-up of theT2 phase of the La Parrilla mine to design capacity.

Michael Masterman, Chairman of W Resources said: "We are pleased to have secured the EUR3m facility with Caja Rural. 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."

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

 
W Resources Plc                    Grant Thornton UK LLP 
Michael Masterman                  Colin Aaronson / Seamus Fricker 
T: +44 (0) 20 7193 7463            T: +44 (0) 20 7383 5100 
www.wresources.com 
Turner Pope Investments (TPI) Ltd  Gable Communications 
Andy Thacker                       Justine James 
T: +44 (0) 203 621 4120            T: +44 (0) 20 7193 7463 
www.turnerpope.com                 M: +44 (0) 7525 324431 
 

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