REG - Tungsten West PLC - Convertible Loan Note Update

Tungsten WestAnnouncement

17/10/2024 12:45

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RNS Number : 6372I  Tungsten West PLC  17 October 2024

 

17 October 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 £2.00 million by way of adding
an additional tranche ("Tranche F") to the existing 2023 Convertible Loan
Notes ("CLNs").

 

The CLNs have been further amended and restated ("Third Amended CLN") to
include an additional Tranche F on substantially the same terms as the
Tranches A, B, C, D and E of the CLNs, as announced 19 May 2023, 18 December
2023, 28 March 2024 and 23 July 2024. The maturity date of the notes is 31
January 2025. Further to the announcement on 23 July 2024 in relation to
Tranche E of the CLNs, the Company confirms the closing of Tranche E
immediately prior to Tranche F, for the amount of £2.9 million.

 

The proceeds of Tranche F will be used to continue work on the targeted scope
feasibility work  required to build a robust plan and economic assessment
which the Company expects to complete by early 2025. The full feasibility
study, if required, will also be completed in early 2025, leading to a
financing round in H1 2025 which will enable the Company to recommence
production of tungsten and tin in H2 2026.

 

As noted in the Chairman's statement in the audited financial results, the
Company continues to explore funding from certain export Credit Agencies in
the UK, US and individual states within the EU along with other potential
capital providers. The Company recently received a Letter of Interest from one
of the counterparties it has been engaging with and will now progress with
submitting a formal application. Whilst this is a positive development, it is
only a preliminary step in a long process and there can be no guarantee of
success.

 

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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