leadf
logo-loader
viewW Resources PLC

W Resources PLC - £500,000 Atlas Facility Drawdown

RNS Number : 1908V
W Resources PLC
05 August 2020
 

 

 

 

 

 

 

 

5 August 2020

 

W Resources Plc

("W" or the "Company")

 

£500,000 Atlas Facility Drawdown

W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, announces that it has drawn down a £500,000 tranche from the £4.0 million Atlas Capital Markets ("Atlas") convertible bond facility, which was secured on 30 March 2020.

This convertible bond tranche has a 5% coupon and 3-year term. As part of the agreement, Atlas can convert the bond to W shares by issuing a conversion notice with the price set at 95% of the selected 3-day VWAP in the 15 days leading up to the issue of a conversion notice by Atlas. 

Michael Masterman, Chairman of W Resources, commented: "The Board deemed it prudent to establish a financial buffer to mitigate against the challenges of COVID-19, which includes the delay of receipt of the Extremadura government Grant. This drawdown of £500,000 on our £4.0 million Atlas facility, provides working capital for La Parrilla and will continue to advance Régua towards grant of the full mine licence. Our priority and focus is to complete the upgrades required to the La Parrilla plant in order to increase tungsten production, in parallel with continuing to run the company with a lean cost structure."

The Atlas convertible bond facility is unsecured and subordinated to the BlackRock Financial Management Inc. ("BlackRock") loan facility with Blackrock consent required for any repayment.

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

Michael Masterman

c/o Alma PR

www.wresources.com

Grant Thornton UK LLP

Colin Aaronson / Jen Clarke / Seamus Fricker

T: +44 (0) 20 7383 5100

Joint Broker

Turner Pope Investments (TPI) Ltd

Andy Thacker / Zoe Alexander

T: +44 (0) 203 657 0050

www.turnerpope.com

Joint Broker

Alternative Resource Capital / Shard Capital

Alex Wood

T:+44 (0) 20 7186 9004

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

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCMZGGRVKMGGZG

Quick facts: W Resources PLC

Price: 0.13

Market: AIM
Market Cap: £8.81 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

W Resources aims for large-scale production after first T2 mine blast at La...

W Resources PLC (LON:WRES) chairman Michael Masterman tells Proactive Investors about the first T2 mine blast at the La Parilla Tungsten Project in western Spain, successfully shot on April 30, 2019.    Masterman said the event was significant for the company and represented...

on 2/5/19