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W Resources updates on government grant and loan extension

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W Resources PLC (LON:WRES) has updated investors on a grant from the Junta de Extremadura government in Spain as well as an extension to its loan facility with Banco Santander.

The AIM-listed tungsten, tin and gold miner said following a number of meetings toward the end of December between its senior management and representatives of the Extremadura government, it has been assured that the approved €5.3mln (£4.7mln) grant is being processed for payment, although actual payment is not expected to be made until later in the first half of 2021.

READ: W Resources draws down £500,000 from Atlas convertible bond facility

Meanwhile, the firm said it has finalised a six-month extension to the €5mln (£4.4mln) loan facility with Santander, saying that as the initial term of the loan was the earlier of February 18, 2021, or the receipt of the proceeds of the grant funds, it was prudent to seek the extension.

W Resources added that the loan allowed it to monetise the majority of the government grant, which it had expected to receive in 2020.

“We are pleased to have extended this facility with Santander which was initially taken out in February 2020 and look forward to receiving the grant funds from the Junta de Extremadura Government”, chairman Michael Masterman said in a statement.

Shares in the company were steady at 0.1p in early deals on Friday.

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