W Resources PLC GBP500,000 Atlas Facility Drawdown (1908V)
August 05 2020 - 3:54AM
UK Regulatory
TIDMWRES
RNS Number : 1908V
W Resources PLC
05 August 2020
5 August 2020
W Resources Plc
("W" or the "Company")
GBP500,000 Atlas Facility Drawdown
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
company with assets in Spain and Portugal, announces that it has
drawn down a GBP500,000 tranche from the GBP4.0 million Atlas
Capital Markets ("Atlas") convertible bond facility, which was
secured on 30 March 2020.
This convertible bond tranche has a 5% coupon and 3-year term.
As part of the agreement, Atlas can convert the bond to W shares by
issuing a conversion notice with the price set at 95% of the
selected 3-day VWAP in the 15 days leading up to the issue of a
conversion notice by Atlas.
Michael Masterman, Chairman of W Resources, commented: "The
Board deemed it prudent to establish a financial buffer to mitigate
against the challenges of COVID-19, which includes the delay of
receipt of the Extremadura government Grant. This drawdown of
GBP500,000 on our GBP4.0 million Atlas facility, provides working
capital for La Parrilla and will continue to advance Régua towards
grant of the full mine licence. Our priority and focus is to
complete the upgrades required to the La Parrilla plant in order to
increase tungsten production, in parallel with continuing to run
the company with a lean cost structure."
The Atlas convertible bond facility is unsecured and
subordinated to the BlackRock Financial Management Inc.
("BlackRock") loan facility with Blackrock consent required for any
repayment.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
W Resources Plc Grant Thornton UK LLP
Michael Masterman Colin Aaronson / Jen Clarke /
c/o Alma PR Seamus Fricker
www.wresources.com T: +44 (0) 20 7383 5100
Joint Broker Joint Broker
Turner Pope Investments (TPI) Alternative Resource Capital /
Ltd Shard Capital
Andy Thacker / Zoe Alexander Alex Wood
T: +44 (0) 203 657 0050 T:+44 (0) 20 7186 9004
www.turnerpope.com www.altrescap.com
Damon Heath
T:+44 (0) 20 7186 9952
www.shardcapital.com
Alma PR
Justine James
T: +44 (0) 20 3405 0205
M: +44 (0) 7525 324431
wres@almapr.co.uk
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCMZGGRVKMGGZG
(END) Dow Jones Newswires
August 05, 2020 03:54 ET (07:54 GMT)
W Resources (LSE:WRES)
Historical Stock Chart
From Sep 2024 to Oct 2024
W Resources (LSE:WRES)
Historical Stock Chart
From Oct 2023 to Oct 2024