Tungsten Corporation PLC Extension of the Bank Acquisition Agreement (6167V)

TIDMTUNG TIDMTTM

RNS Number : 6167V

Tungsten Corporation PLC

16 December 2013

TUNGSTEN CORPORATION plc

("Tungsten" or collectively the "Group")

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

For Immediate Release

16 December 2013

Extension of the Bank Acquisition Agreement

As set out in the Tungsten's Admission Document, pursuant to the terms of the share purchase agreement to acquire FIBI Bank (UK) plc ("the Share Purchase Agreement") entered into between the Tungsten and First International Bank of Israel Limited ("First International Bank") on 19 March 2013, completion of the Share Purchase Agreement had to occur on or before 18 December 2013 unless the parties agreed otherwise in writing.

Tungsten is pleased to announce that on 13 December 2013 Tungsten and First International Bank entered into a deed of amendment pursuant to which the completion date has been extended to the later of:

(i) 31st March 2014; or

(ii) such other date after 31st March 2014 but on or before 30th April 2014 as may be notified by the FCA and / or PRA (as applicable) having indicated that approval will be granted to Tungsten to become a controller of FIBI Bank (UK) plc on or before 1st February 2014; or

(iii) such other date after 30th April 2014 as may be agreed by the parties in writing in their discretion (and without making any other amendment to this agreement)

As previously disclosed, discussions continue with the PRA to advance the change of control process whereby Tungsten can acquire the FIBI Bank (UK) plc.

Enquiries

Tungsten Corporation plc [phone]

Edmund Truell, CEO

Jeff Belkin, CFO

   Charles Stanley Securities (NOMAD and Joint Broker to Tungsten)         [phone] 

Marc Milmo / Dugald Carlean

Canaccord Genuity (Joint broker to Tungsten) [phone]

Simon Bridges / Peter Stewart/ Cameron Duncan

Equus Group (Communications) [phone]

Piers Hooper / Sam Barton

This information is provided by RNS

The company news service from the London Stock Exchange

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