REG - Tungsten West PLC - Convertible Loan Note Update

Tungsten WestAnnouncement

23/07/2024 07:00

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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                               Strand Hanson

 Alistair Stobie                             (Nominated Adviser and Financial Adviser)

 Tel: +44 (0) 1752 278500                    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:  tungstenwest@blytheray.com

 Hannam & Partners

 (Broker)

 Andrew Chubb / Matt Hasson / Jay Ashfield

 Tel: +44 (0)20 7907 8500

 

Follow us on X @TungstenWest

 

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