W Resources PLC Extremadura Government Grant Received (0043Y)
10 Mayo 2021 - 1:00AM
UK Regulatory
TIDMWRES
RNS Number : 0043Y
W Resources PLC
10 May 2021
10 May 2021
W Resources Plc
("W" or the "Company")
Extremadura Government Grant Received
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
company with assets in Spain and Portugal, is pleased to announce
it received notification on Friday 7 May 2021 that the Grant from
the Junta de Extremadura Government, which was initially awarded in
March 2018 for the sum of EUR5.3m has, subject to one amendment,
been paid and total proceeds of EUR5.2m have now been received as
settlement in full.
In February 2020, W received a EUR5m loan from Spanish bank,
Banco Santander, S.A ("Santander") in order to monetise the Grant
and this has now been repaid, reducing the Group's debt and further
strengthening the balance sheet.
Michael Masterman said: "Receipt of the EUR5.2m grant proceeds
is a long awaited and extremely timely outcome. It's a true credit
to the team to have been awarded this grant and received the cash
funds. We have immediately used the funds to reduce debt and
strengthen our balance sheet. With tin prices up 100% in the last
six months, strong tungsten prices and materially improved plant
performance we expect a strong second half of 2021."
Investor presentation
W also confirms that Michael Masterman, Pablo Neira and Paul
Hailes will host an investor presentation and Q&A, at 12pm on
Monday 17 May 2021. Investors are invited to register their
interest and submit questions to wres@almapr.co.uk .
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. 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
Paul Hailes, CFO Colin Aaronson / Harrison Clarke
investor@wresources.com / Lukas Girzadas
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 / James Pope 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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