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W Resources 'delighted' with terms of BlackRock funding agreement for La Parrilla

W Resources PLC (LON:WRES) chairman Michael Masterman speaks to Proactive Investors as the tungsten, copper and gold exploration and development company confirms it has drawn down the second and final tranche of a total $35 million term load facility from BlackRock.

“This was a very critical finance and it’s allowed us to move very quickly on the development of La Parrilla. The cost of La Parrilla’s development is €25 million, and so this funding from Blackrock provides more than 100% of the funding for the project, which is very important. The facility has an interest rate of 12.4% on average, and as part of the package Blackrock has issued warrants equal to 5% of the issued securities of W resources… We’re delighted to have one of, or the largest, investment funds in the world effectively having direct exposure to the success of W resources and the development of La Parrilla,” says Masterman.

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Price: 0.3469 GBX

AIM:WRES
Market: AIM
Market Cap: £21.56 m
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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

2 min read