W Resources PLC Additional $5 Million Facility. La Parrilla Update (2870X)
18 Diciembre 2019 - 1:00AM
UK Regulatory
TIDMWRES
RNS Number : 2870X
W Resources PLC
18 December 2019
18 December 2019
W Resources Plc
("W" or the "Company")
Additional US$5m Facility Provided by Funds managed by
BlackRock
La Parrilla Moves to 24h Operation
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
company with assets in Spain and Portugal, is pleased to confirm
that funds managed by the Global Credit Opportunities platform at
BlackRock have agreed to increase the existing loan facility
provided to W Resources by US$5 million, with no warrants attached.
Loan documentation has been executed and funds will be fully drawn
this week.
The funding has been put in place to ensure W Resources
continues to provide for working capital requirements enabling the
team to focus on driving the ramp-up of the La Parrilla tungsten
and tin mine in Spain and the advancement of the Régua tungsten
mine in Portugal.
La Parrilla has now moved to 24-hour operation of the new
Concentrator Plant, producing tungsten concentrate in line with
shipment specifications. Production rates are steadily increasing
and will be further boosted by the move to continuous
operations.
Chairman, Michael Masterman commented: "It is important for W
Resources to have demonstrable funding to provide the resources for
expansion. This upsizing of the BlackRock facility achieves this
objective with no dilution to shareholders, enabling the team to
push ahead with the production ramp-up at La Parrilla and
development work at Régua as we work towards bringing our second
mine on stream next year."
The additional facility and the roll up of interest (known as
payment in kind or PIK) will, on drawdown, increase the total
outstanding Blackrock facility to USD49.1m
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
Joint Broker Joint Broker
Turner Pope Investments (TPI) Ltd Alternative Resource Capital /
Andy Thacker / Zoe Alexander Shard Capital
T: +44 (0) 203 657 0050 Alex Wood
www.turnerpope.com T:+44 (0) 207 186 9004
www.altrescap.com
Damon Heath
T:+44 (0) 207 186 9952
www.shardcapital.com
Alma PR
Justine James
M: +44 (0) 7525 324431
wres@almapr.co.uk
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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.
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END
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