Tungsten Corporation PLC Market Update (3456I)

TIDMTUNG

RNS Number : 3456I

Tungsten Corporation PLC

29 May 2014

TUNGSTEN CORPORATION PLC

("Tungsten")

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 29th May, 2014

MARKET UPDATE

The Board of Tungsten is delighted to announce that it has received approval from the UK's Prudential Regulation Authority for the formal change of control in relation to the acquisition of FIBI Bank (UK) plc ("Bank").

The fully UK authorised Bank will be re-named Tungsten Bank and commence offering supply chain finance.

Moreover, Tungsten has today begun providing invoice discounting services to selected US customers.

Edmund Truell, Chairman of the Bank, said : "We look forward to an exciting future, as Tungsten Corporation builds up a disruptive force in supply chain finance on a global basis. The combination of enormous flows of invoices; simple and transparent finance offers; and high grade credit risks should enable us to advance billions of pounds, dollars, euros and francs to suppliers on the Tungsten Network."

LONDON, 29 May 2014

Enquiries:

Tungsten Corporation plc

   Edmund Truell, Chief Executive Officer                                    [phone] 

Charles Stanley Securities

(Nominated Adviser and Joint Broker)

   Marc Milmo/Dugald Carlean/Laura White                                   [phone] 

Canaccord Genuity Limited

(Joint Broker)

   Simon Bridges/Peter Stewart/Cameron Duncan                          [phone] 

Equus Group (Communications)

   Piers Hooper / Sam Barton                                                       [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

END

STRALMLTMBATMPI