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GWR GROUP LIMITED — Capital/Financing Update 2018
Oct 25, 2018
65031_rns_2018-10-25_1a966c22-31be-4f5a-aa95-0ef1c842fc7d.pdf
Capital/Financing Update
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ASX Announcement
Hatches Creek Acquisition Update
On 3 September 2018 the Directors of Tungsten Mining NL (ASX: TGN) (“TGN” or “the Company”) announced that the Company had agreed the terms with GWR Group Limited (ASX GWR) (“GWR”) for the acquisition of the Hatches Creek Tungsten Project. The purchase was conditional upon the satisfaction of certain conditions precedent, including shareholder approval under ASX Listing Rule 10.1.
Following consultation with ASX the Company has been advised that the transaction as currently structured, purchase by way of cash consideration of $8.68m, cannot proceed.
GWR and TGN remain committed to implement a transaction to enable TGN to invest in the Hatches Creek Tungsten Project and have agreed to negotiate in good faith such amendments as may be required.
The Company will update the market regarding the negotiations and shareholder approval requirements.
-ENDS-
26 October 2018
For further information: Craig Ferrier Chief Executive Officer Ph: +61 8 9486 8492 E: [email protected]
Mark Pitts Company Secretary Ph: +61 8 9316 9100 E: [email protected]
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Tungsten Mining NL 97 Outram Street PO Box 517 T +61 8 9486 8492 E [email protected] ABN 67 152 084 403 West Perth WA 6005 West Perth WA 6872 F +61 8 9322 2370 W www.tungstenmining.com
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About Tungsten Mining
Emerging Australian tungsten developer, Tungsten Mining NL is an Australian based resources company listed on the Australian Securities Exchange. The Company’s prime focus is the exploration and development of tungsten projects in Australia.
Tungsten (chemical symbol W), occurs naturally on Earth, not in its pure form but as a constituent of other minerals, only two of which support commercial extraction and processing - wolframite ((Fe, Mn)WO4) and scheelite (CaWO4).
Tungsten has the highest melting point of all elements except carbon – around 3400°C giving it excellent high temperature mechanical properties and the lowest expansion coefficient of all metals. Tungsten is a metal of considerable strategic importance, essential to modern industrial development (across aerospace and defence, electronics, automotive, extractive and construction sectors) with uses in cemented carbides, high-speed steels and super alloys, tungsten mill products and chemicals.
Tungsten Mining has four advanced tungsten projects in Australia: in Western Australia, the Mt Mulgine Project in the Murchison region, the Big Hill Project in the Pilbara region and the Kilba Project in the Ashburton region and in Queensland the Watershed Project in north east Queensland.
Tungsten Mining is implementing a staged approach to the development of the Mt Mulgine Tungsten Project, initially focussed on a low capital start-up from Mulgine Hill, directed at demonstrating a pathway to positive cash flow and the basis for large scale mining and processing operations at Mulgine Trench.