REG - Tungsten West PLC - Result of Oversubscribed Convertible Loan Note

Tungsten WestAnnouncement

06/04/2023 15:15

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RNS Number : 6805V  Tungsten West PLC  06 April 2023

Tungsten West Plc

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

Result of Oversubscribed Convertible Loan Note Placing to raise £6.95 million

Tungsten West (AIM:TUN), the mining company focussed on restarting production
at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon
in the UK, is pleased to announce that, further to the Company's announcement
of 3 April 2023 in connection with, inter alia, the proposed issue of
Convertible Loan Notes ("CLNs") to raise a minimum of £5 million (the
"Placing"), the Company has reached agreement with investors to raise £6.95
million (before expenses) via an oversubscribed placing of CLNs. As announced
on 3 April 2023, the Company also intends to offer all qualifying shareholders
the opportunity to participate in an Open Offer ("Open Offer") to raise up to
£2 million. Accordingly, the maximum total proceeds that the Company could
raise from the fundraising is £8.95 million (before expenses).

The Placing is conditional upon completion of definitive documentation in
respect of the CLNs and approval by shareholders in a general meeting to grant
the Directors sufficient authorities to allot and issue ordinary shares
pursuant to any conversion of such CLNs and in connection with the proposed
Open Offer.

A further announcement in respect of the Open Offer and Notice of the general
meeting will be made in due course. VSA Capital and Hannam & Partners
acted as Joint Brokers in respect of the Placing.

 

David Cather, Chairman of Tungsten West, commented:

"We are pleased to announce that the fundraising has been oversubscribed,
demonstrating confidence and support from our investors in Tungsten West's
growth potential. We look forward to making the Open Offer in due course,
providing our existing shareholders with the opportunity to invest at 3p per
share, as we progress with our plans for the Hemerdon tungsten and tin mine."

 

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

 Neil Gawthorpe/ Nigel Widdowson                                            (Nominated Adviser and Financial Adviser)

 Tel: +44 (0) 1752 278500                                                   James Spinney / James Dance / Abigail Wennington

                                                                            Tel: +44 (0) 207 409 3494
 BlytheRay                                                                  VSA Capital Limited

 (Financial PR)                                                             (Financial Adviser and Joint Broker)

 Tim Blythe / Megan Ray                                                     Andrew Raca / Andrew Monk

 Tel: +44(0) 20 7138 3204                                                   Tel: +44 (0)20 3005 5000

 Email:  tungstenwest@blytheray.com (mailto:tungstenwest@blytheray.com)

 Hannam & Partners

 (Joint Broker)

 Andrew Chubb / Matt Hasson / Jay Ashfield

 Tel: +44 (0)20 7907 8500

 

Follow us on twitter @TungstenWest

 

 

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