9th May 2019 13:03
LONDON (Alliance News) - W Resources PLC said Thursday that it has secured a EUR3 million loan from Caja Rural de Extremadura that provides an advance of funding against the EUR5.3 million grant awarded by the Junta de Extremadura government.
The grant is expected to be paid to the tungsten, tin and gold production and exploration company in the fourth quarter of 2019.
The 15 months loan, which bears interest rate of 1.75% per annum, will be used by the company to advance the ramp-up of the T2 phase of the La Parrilla tungsten mine in Spain to design capacity.
"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," said Chair Michael Masterman.
The stock was up 3.7% at 0.45 pence Thursday.
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