# W Resources Plc Additional US$5m Facility Provided by Funds managed by BlackRock

- Link: https://www.directorstalkinterviews.com/w-resources-plc-additional-us5m-facility-provided-by-funds-managed-by-blackrock/412801235
- Published: 2019-12-18T07:15:39+00:00
- Author: Giles Arbor

**W Resources Plc** (LON: WRES), the tungsten, tin and gold mining company with 
assets in Spain and Portugal, has confirmed 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.

> **W Resources 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

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