AI Terminal
TUNGSTEN WEST PLC
Capital/Financing Update • Jul 23, 2024
7992_rns_2024-07-23_2080373a-184a-43cb-99af-e4c5f2c378d0.html
Capital/Financing Update
Open in ViewerOpens in native device viewer
National Storage Mechanism | Additional information 
RNS Number : 3720X
Tungsten West PLC
23 July 2024
23 July 2024
Tungsten West Plc
("Tungsten West", the "Company" or the "Group")
Convertible Loan Note Update
Tungsten West (LON:TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon, UK, is pleased to announce that it has raised £2.975 million by way of adding an additional tranche ("Tranche E") to the existing 2023 Convertible Loan Notes and Tranche D Convertible Loan Notes ("CLNs").
The CLN has been amended and restated ("Amended CLN") to include a Tranche E on substantially the same terms as the Tranches A, B, C and D of the CLNs, as announced 19 May 2023, 18 December 2023 and 28 March 2024. The maturity date of the notes is 31 January 2025. The Company has received £2.90 million of the Tranche E proceeds and a further £75,000 is expected imminently. In the event the remaining funds are not received, the Company will make a further announcement.
The proceeds of Tranche E will be used to continue work on an updated feasibility study which the Company expects to complete in Q3 2024, leading to a financing round in 1H 2025 which will enable the Company to recommence production of tungsten and tin in 2026.
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 Alistair Stobie Tel: +44 (0) 1752 278500 |
Strand Hanson (Nominated Adviser and Financial Adviser) James Spinney / James Dance / Abigail Wennington Tel: +44 (0) 207 409 3494 |
| BlytheRay (Financial PR) Tim Blythe / Megan Ray Tel: +44(0) 20 7138 3204 Email: [email protected] Hannam & Partners (Broker) Andrew Chubb / Matt Hasson / Jay Ashfield Tel: +44 (0)20 7907 8500 |
Follow us on X @TungstenWest
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
MSCFLLLLZDLEBBE