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W Resources draws down £0.5 million for Regua project in Portugal
StockMarketWire.com
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Tungsten miner W Resources said it had drawn down a further £0.5 million tranche from its £4.0 million Atlas Capital Markets convertible bond facility, to help progress its Regua project in Portugal.
The move marked the second drawdown made from the facility, which was secured on 30 March 2020.
The tranche had a 5% coupon and three-year term.
Atlas could convert the bond to W shares by issuing a conversion notice, with the price set at 95% of the selected three-day volume-weighted average price in the 15 days leading up to the notice.
'These funds will be used to advance the Regua development and provide additional working capital for the company,' chairman Michael Masterman said.
At 9:28am: (LON:WRES) W Resources PLC share price was 0p at 0.12p
Story provided by StockMarketWire.com
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