W Resources Plc said Feb. 1 that it now plans to borrow US$35 million for the development of its La Parrilla tungsten-tin mine in Spain, from the previously announced US$30 million term loan from a U.S. Special Situations Fund.
In December 2017, the miner received preliminary approval for the US$30 million loan, which had been upsized from US$25 million. Financial closing of the loan was expected by the end of January.
W Resources expects to draw down US$13 million of the increased loan in early February and the remaining US$22 million in the second quarter, pending the completion of certain conditions. Further loan details will be released upon the execution of a credit agreement in the coming weeks.
