REG - Tungsten West PLC - Exercise of Warrants

Tungsten WestAnnouncement

08/04/2022 07:00

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RNS Number : 7251H  Tungsten West PLC  08 April 2022

8 April 2022

Tungsten West Plc

 

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

 

Exercise of Warrants

 

Tungsten West, the mining Company focussed on recommencing production at the
Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon,
England, is pleased to announce an exercise of 460,000 warrants to subscribe
for new ordinary shares of a nominal value of one penny each in the capital of
the Company ("Ordinary Shares") at a price of 25 pence per Ordinary Share, and
an exercise of 648,400 warrants at a price of 26 pence per Ordinary Share
 (together the "Warrant Exercise"). The Warrant Exercise will provide
£283,600 of additional funding to the Company.

 

The 1,108,400 new Ordinary Shares to be issued to pursuant to the Warrant
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 13 April
2022.

 

Total Voting Rights

Upon Admission, the Company's issued ordinary share capital will consist of
180,551,615 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 180,551,615. 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 / Emily Hall / Tessa Gough-Allen   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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