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W Resources surges as it secures new loans and extensions with Spanish banks

The loans are partially backed by the Spanish state-owned bank, the Instituto de Crédito Oficial

W Resources PLC - W Resources surges as it secures new loans and extensions with Spanish banks

W Resources PLC (LON:WRES) shares rose on Wednesday as it signed a series of government-guaranteed loan facilities with Spanish banks.

The tungsten, tin and gold miner said it has secured three new facilities totalling around €1.02mln, all for a term of five years. The loans are partially backed by the Spanish state-owned bank, the Instituto de Crédito Oficial,

WATCH: W Resources chairman updates on progress at key projects and answers investor questions

The firm has also agreed extensions to a €500,000 revolving credit facility to June 4, 2025, from May 30, 2020, and to a €300,000 overdraft facility for June 18, 2025, from June 18, 2020.

"In the current challenging environment it has been important to secure additional financing from the major Spanish banks. The funds extend existing lines and provide new working capital at low interest cost", W Resources chairman Michael Masterman said in a statement.

The company’s shares were 6% higher at 0.25p in early trading.

Quick facts: W Resources PLC

Price: 0.135 GBX

AIM:WRES
Market: AIM
Market Cap: £9.68 m
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