REG - Tungsten West PLC - Convertible Loan Note Update

Tungsten WestAnnouncement

02/07/2025 15:00

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RNS Number : 4681P  Tungsten West PLC  02 July 2025

02 July 2025

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 approximately £4.3 million by
way of adding an additional tranche ("Tranche H") to the existing 2023
Convertible Loan Notes (as amended and restated on 1 July 2025) ("CLNs").

 

The CLN has been further amended and restated ("Amended CLN") to include a
Tranche H on substantially the same terms as the previous tranches of the
CLNs, as announced 19 May 2023, 18 December 2023, 28 March 2024, 23 July 2024,
17 October 2024, 13 January 2025 and 8 May 2025. Following the receipt of the
proceeds under Tranche H, the total amount outstanding under the CLNs,
including interest accrued thereon to 01 July 2025, is approximately £29.2
million. The maturity date for the CLNs is 31 December 2025.

 

The proceeds of Tranche H will be used to support the Company as it progresses
its development and economic plan to restart the Project, whilst concurrently
advancing the debt and equity funding (targeted for the end of 2025) and
pursuing further value adding and de-risking opportunities.

 

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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