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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tungsten West Plc | LSE:TUN | London | Ordinary Share | GB00BP6QM557 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.00 | 5.50 | 6.50 | 6.00 | 6.00 | 6.00 | 18,279 | 08:00:08 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Iron Ores | 626k | -10.29M | -0.0550 | -1.09 | 11.22M |
TIDMTUN
RNS Number : 6805V
Tungsten West PLC
06 April 2023
Tungsten West Plc
("Tungsten West", the "Company" or the "Group")
Result of Oversubscribed Convertible Loan Note Placing to raise GBP6.95 million
Tungsten West (AIM:TUN), the mining company focussed on restarting production at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon in the UK, is pleased to announce that, further to the Company's announcement of 3 April 2023 in connection with, inter alia, the proposed issue of Convertible Loan Notes ("CLNs") to raise a minimum of GBP5 million (the "Placing") , the Company has reached agreement with investors to raise GBP6.95 million (before expenses) via an oversubscribed placing of CLNs. As announced on 3 April 2023, the Company also intends to offer all qualifying shareholders the opportunity to participate in an Open Offer ("Open Offer") to raise up to GBP2 million. Accordingly, the maximum total proceeds that the Company could raise from the fundraising is GBP8.95 million (before expenses).
The Placing is conditional upon completion of definitive documentation in respect of the CLNs and approval by shareholders in a general meeting to grant the Directors sufficient authorities to allot and issue ordinary shares pursuant to any conversion of such CLNs and in connection with the proposed Open Offer .
A further announcement in respect of the Open Offer and Notice of the general meeting will be made in due course. VSA Capital and Hannam & Partners acted as Joint Brokers in respect of the Placing.
David Cather, Chairman of Tungsten West, commented:
"We are pleased to announce that the fundraising has been oversubscribed, demonstrating confidence and support from our investors in Tungsten West's growth potential. We look forward to making the Open Offer in due course, providing our existing shareholders with the opportunity to invest at 3p per share, as we progress with our plans for the Hemerdon tungsten and tin mine."
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014 as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019.
Ends
For further information, please contact:
Enquiries
Tungsten West Strand Hanson Neil Gawthorpe/ Nigel Widdowson (Nominated Adviser and Financial Tel: +44 (0) 1752 278500 Adviser) James Spinney / James Dance / Abigail Wennington Tel: +44 (0) 207 409 3494 BlytheRay VSA Capital Limited (Financial PR) (Financial Adviser and Joint Tim Blythe / Megan Ray Broker) Tel: +44(0) 20 7138 3204 Andrew Raca / Andrew Monk Email: tungstenwest@blytheray.com Tel: +44 (0)20 3005 5000 Hannam & Partners (Joint Broker) Andrew Chubb / Matt Hasson / Jay Ashfield Tel: +44 (0)20 7907 8500
Follow us on twitter @TungstenWest
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(END) Dow Jones Newswires
April 06, 2023 10:13 ET (14:13 GMT)
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