W Resources (WRES.L) 0.305p £19.8m The tungsten, tin and gold mining company with assets in Spain and Portugal, has finalised a EUR5m facility with the Spanish bank, Banco Santander, S.A which will be used to repay its existing EUR3m loan from Caja Rural de Extremadura and provide a net EUR2m of additional working capital and liquidity. The facility allows W to monetise the majority of the EUR5.3m Grant from Junta de Extremadura Government which the Company had expected to receive in Q1 2020 and is now anticipated to receive by mid-2020. W has met all conditions by which the Grant will be awarded although receipt has been delayed by a combination of the allmineral Aufbereitungstechnik GmbH & Co construction completion delays and the normal review and verification process of the Extremadura government. The facility interest rate is 3% per annum, payable quarterly, with no amortisation and is secured by a pledge over the rights to the Grant funds. The term of the loan is the earlier of 12 months or the receipt of the proceeds of the Grant funds. #WRES
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