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W receives advance on €5.3m Extremadura grant

9th May 2019

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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Aim-listed W Resources has secured a €3-million loan facility with Caja Rural de Extremadura that provides an advance of funding against the €5.3-million grant awarded by the Junta de Extremadura government, which is expected to be paid to the company in the fourth quarter of 2019.

The €3-million loan has an interest rate of 1.75% a year for a term of 15 months, which will provide W Resources with an efficient low-cost source of funds, the tungsten, tin and gold developer indicated in a statement on Thursday.

The loan will also provide solid reserves of working capital at what is highlighted as a pivotal point in the development’s timeline as the company advances the ramp-up of theT2 phase of the La Parrilla mine in Spain to design capacity.

“We are pleased to have secured the €3-million facility with Caja Rural,” commented W Resources chairperson Michael Masterman.

“The loan is a cost-effective way to enable advanced access to the Junta de Extremadura government grant as part of the overall funding as we near completion of the T2 development at La Parrilla.”

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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