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W Resources directors convert loans into shares

W Resources is now in production at the La Parrilla tungsten project in Spain

W Resources PLC -

Three of the directors of W Resources PLC (AIM:WRES) have converted short-term loans provided to the company in November into shares.

The conversion price was 0.307p per share, the volume weighted average for the week ended 10 January 2020.

WATCH: W Resources sells first tungsten concentrate shipment

The conversion comes as part of the agreement relating to the Blackrock facility W Resources now has in place, under the terms of which the loans either had to be subordinated or converted.

Following the conversion, Michael Masterman, chairman of W Resources, holds just over 1.18bn shares, or 18% of the company.

Quick facts: W Resources PLC

Price: 0.153 GBX

Market: AIM
Market Cap: £10.25 m

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