The bond has a coupon of 5% and a term of three years. The facility can be drawn in tranches of up to £500,000 at the election of W Resources, with an agreed period between subsequent drawdowns.
Atlas can convert the bond to W shares by issuing a conversion notice with the price set at 95% of the selected 3-day volume-weighted average price in the 15 days leading up to issue of a conversion notice by Atlas.
In parallel, the Spanish government, as part of its State of Emergency, has announced it is set to provide guarantees of up to 90% of funds to back companies affected by the pandemic. W Resources has started the process in order to enable it to access grants and government guarantees for additional low-cost Spanish bank funding to further strengthen its financial position.
Before the lockdown affected the W Resources operation at La Parrilla, quarterly production increased by over 160% from the December quarter.
Whats more, the company has been able to implement a number of material improvements to the plant during planned shutdowns.
A full quarterly report will be provided mid-April following normal end of month reconciliation of production data and completion of the metallurgical and operations review, the grouRead More – Source