W Resources Plc (LSE:WRES) provided an update on increased funding of their La Parrilla mine development.
As quoted in the press release:
As the Company announced on 12 December 2017, W had received preliminary approval from a US Special Situations Fund to provide a US$30 million term loan to W Resources to fund La Parrilla, that the term loan had received preliminary approval from the investment committee and that it was subject to final due diligence and legal documentation. Financial close was expected by the end of January 2018.
W is pleased to announce that W now plans to borrow an increased amount of US$35 million with the first US$13 million expected to be drawn in early February following execution of the credit agreement and the balance of US$22 million in the second quarter of the year after satisfaction of a number conditions precedent typical for this type of term loan.
A further announcement with more details of the loan will be made on execution of the credit agreement in the coming weeks.