W Resources PLC (LON:WRES) has drawn down the second tranche of US$21.875mln from the term loan provided by funds managed by BlackRock, and in turn issued warrants equal to 5% of the current fully diluted share capital.
As part of the completion of the funding, the AIM-listed firm said it has issued a total of 307,605,430 warrants on a pro rata basis to the Black Rock funds that participated. The company noted that the warrants are exercisable for five years at nominal value and can be exercised on a cashless basis.
Michael Masterman, chairman of W Resources, said: “We are very pleased to complete the second and final drawdown of US$21.875mln from the US$35mln BlackRock facility, with BlackRock now having direct equity exposure to the La Parrilla project through the issue of equity warrants.”
He added: “La Parrilla is on track with great development progress being made this quarter, which coincides well with the sharp rise in the tungsten price over the past year.”