W Resources secures EUR 3m loan at 'pivotal point' of development

9th May 2019 15:32

(Sharecast News) - Tungsten, tin and gold production, exploration and development company W Resources has secured a €3m loan facility with Caja Rural de Extremadura, which provides an advance of funding against the €5.3m grant awarded by the Junta de Extremadura Government, which is expected to be paid in the fourth quarter, it said on Thursday.The AIM-traded firm said the €3m loan had an interest rate of 1.75% per annum for a term of 15 months, providing an efficient low-cost source of funds to W Resources.It said the loan would provide a solid reserve of working capital at a "pivotal point" of development, as the company advanced the ramp-up of the T2 phase of the La Parrilla mine to design capacity."We are pleased to have secured the €3m facility with Caja Rural," said W Resources chairman Michael Masterman."The loan is a cost-effective way to enable advanced access to the Junta de Extremadura Government grant as part of the overall funding as we near completion of the T2 development at La Parrilla."