W Resources Plc entered into an agreement for a previously announced US$35 million secured term loan facility to fund development at the La Parrilla tungsten-tin mine in Spain.

The initial US$13.1 million will be drawn in the current week, and the balance of US$21.9 million will be funded in the second quarter.

The loan is for a five-year term, with a two year noncall period, and is repayable at a 5% premium after two years, a 3% premium after three years, and no premium after four years.

Interest on the loan will accrue at 14% in the first year, 13% in the second year and 12% in the last three years.