W Resources PLC BlackRock Amendment Update (5491X)
01 Septiembre 2020 - 3:10AM
UK Regulatory
TIDMWRES
RNS Number : 5491X
W Resources PLC
01 September 2020
1 September 2020
W Resources Plc
("W" or the "Company")
BlackRock Amendment Update
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
and exploration company with assets in Spain and Portugal, is
pleased to provide an update on the amendment to the loan facility
provided by Blackrock Financial Management Inc. ("BlackRock").
W Resources previously entered into a Credit Facility with one
or more funds managed by BlackRock to provide a secured term loan
to the Company to fund the La Parrilla mine development (the "Loan
Facility"). W updated the market in the March 2020 and June 2020
quarterly reports that it had agreed in principal to pay BlackRock
interest by way of Payment in Kind ("PIK") for the May and August
interest payments. The Company and BlackRock have now finalised and
executed an amendment agreement to allow payment of interest by PIK
for the May, August and, at W Resources option, the November 2020
interest payments. Under the agreement 96,000,000 warrants of W
Resources will be issued for the May 2020 PIK payment, warrants
equivalent to 2% of the fully diluted capital of the Company will
be issued for the August 2020 PIK payment, and W Resources can PIK
the November 2020 interest payment for the issue of warrants
equivalent to 3% of the fully diluted capital of the Company.
The amendment agreement is just subject to notarisation in Spain
and Portugal which has been slower than expected due to COVID-19
restrictions and standard European August shutdown, however this is
expected to be finalised within the next 2 weeks.
Michael Masterman, Chairman of W Resources commented: "We are
pleased that BlackRock continues to support the Company,
highlighted by the revised terms of the amendment to the Loan
Facility."
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 / Jen Clarke /
c/o Alma PR Seamus Fricker
www.wresources.com T: +44 (0) 20 7383 5100
Joint Broker Joint Broker
Turner Pope Investments (TPI) Alternative Resource Capital /
Ltd Shard Capital
Andy Thacker / Zoe Alexander Alex Wood
T: +44 (0) 203 657 0050 T:+44 (0) 20 7186 9004
www.turnerpope.com www.altrescap.com
Damon Heath
T:+44 (0) 20 7186 9952
www.shardcapital.com
Alma PR
Justine James
T: +44 (0) 20 3405 0205
M: +44 (0) 7525 324431
wres@almapr.co.uk
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END
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