# W Resources New Loan Facility and Extremadura Grant Update

- Link: https://www.directorstalkinterviews.com/w-resources-new-loan-facility-and-extremadura-grant-update/412805853
- Published: 2020-02-18T07:08:05+00:00
- Author: Giles Arbor

**W Resources Plc** (LON:WRES), the tungsten, tin and gold mining company with assets
in Spain and Portugal, has finalised a €5m facility with the Spanish bank, Banco
Santander, S.A which will be used to repay its existing €3m loan from Caja Rural
de Extremadura and provide a net €2m of additional working capital and liquidity.

The facility allows W to monetise the majority of the €5.3m Grant from Junta de 
Extremadura Government which the Company had expected to receive in Q1 2020 and 
is now anticipated to receive by mid-2020. W has met all conditions by which the
Grant will be awarded although receipt has been delayed by a combination of the 
allmineral Aufbereitungstechnik GmbH & Co construction completion delays and the
normal review and verification process of the Extremadura government.

The facility interest rate is 3% per annum, payable quarterly, with no amortisation
and is secured by a pledge over the rights to the Grant funds. The term of the loan
is the earlier of 12 months or the receipt of the proceeds of the Grant funds.

> **Michael Masterman, Chairman of W Resources commented:** “We are pleased to have
> closed this new facility with Santander which will provide additional flexibility
> and liquidity at low-cost to the Group. Santander is a leading European bank and
> we look forward to strengthening our relationship with them. We greatly thank 
> Caja Rural for their interim support of the development of La Parrilla.”

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