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,
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.