REG - Tungsten West PLC - Exercise of Options

Tungsten WestAnnouncement

22/12/2021 07:00

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RNS Number : 4066W  Tungsten West PLC  22 December 2021

22 December 2021

Tungsten West Plc

 

("Tungsten West", the "Company" or the "Group")

 

Exercise of Options

 

Tungsten West, the mining Company focussed on recommencing production at the
Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon,
England, announces that it has received notices to exercise options to
subscribe for 1,854,422 new ordinary shares of one penny each in the capital
of the Company ("Ordinary Shares") at an exercise price of one penny each per
Ordinary Share (the "Option Exercises"). The Option Exercise provides
£18,544.22 of additional funding to the Company, which will be used for
general working capital purposes.

 

Pursuant to the Option Exercise, Baker Steel Resources Trust Limited ("Baker
Steel") will be issued with 1,657,196 new Ordinary Shares, increasing Baker
Steel's holding to 28,846,515 Ordinary Shares, representing approximately 16.1
per cent of the Company's enlarged share capital. The balance of the new
Ordinary Shares will be issued to an employee of the Company.

 

The 1,854,422 new Ordinary Shares to be issued to pursuant to the Option
Exercise will rank pari passu with the existing Ordinary Shares and
application will be made for the New Ordinary Shares to be admitted to trading
on AIM ("Admission"). It is expected that Admission will become effective and
dealings in the new Ordinary Shares will commence at 8.00 a.m. on 23 December
2021.

 

Total Voting Rights

Upon Admission, the Company's issued ordinary share capital will consist of
179,168,215 Ordinary Shares with one voting right each. The Company does not
hold any Ordinary Shares in treasury, therefore the total number of Ordinary
Shares and voting rights in the Company on Admission will be 179,168,215. With
effect from Admission, this figure may be used by shareholders in the Company
as the denominator for the calculations by which they will determine if they
are required to notify their interest in, or a change to their interest in,
the share capital of the Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

 

 Enquiries

 

 Tungsten West                             Strand Hanson

 Max Denning                               (Nominated Adviser and Financial Adviser)

 Tel: +44 (0) 203 178 7385                 James Spinney / James Dance / Abigail Wennington

                                           Tel: +44 (0) 207 409 3494
 Camarco                                   Hannam & Partners

 (Financial PR)                            (Joint Broker)

 Gordon Poole / Nick Hennis / Emily Hall   Andrew Chubb / Nilesh Patel

 Tel: +44(0) 20 3757 4980                  +44 (0)20 7907 8500

 Email: tungstenwest@camarco.co.uk
                                           VSA Capital

                                           (Joint Broker)

                                           Andrew Monk / Andrew Raca

                                           +44 (0)20 3005 5000

Follow us on twitter @TungstenWest

 

Overview of Tungsten West

 

Tungsten West is the 100 per cent owner and operator of the past producing
Hemerdon tungsten and tin mine, located near Plymouth in southern Devon,
England. The Hemerdon mine is currently the world's third largest tungsten
resource, with a JORC (2012) compliant Mineral Resource Estimate of
approximately 325Mt at 0.12 per cent. WO(3). The Company acquired the mine out
of a receivership process in 2019 after its most recent operators, Wolf
Minerals ("Wolf"), stopped production in 2018. While it was operator, Wolf
invested over £170 million into the development of the site, the development
of significant infrastructure and processing facilities. Hemerdon was
producing tungsten and tin materials, under Wolf, between 2015 and 2018,
before the company entered administration and placed the mine into
receivership due to a number of issues that have since been identified and
rectified by Tungsten West.

 

The Company is focussed on updating the existing infrastructure and, in the
near-term, restarting the Hemerdon mine at a low cost. Following the restart,
Hemerdon is expected to produce significant volumes of tungsten and tin, both
of which are strategically important materials, particularly in the
development of new technology.

 

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