REG - Tungsten West PLC - Results of General Meeting

Tungsten WestAnnouncement

09/06/2023 07:00

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RNS Number : 1810C  Tungsten West PLC  09 June 2023

The information contained within this Announcement is deemed by Tungsten West
plc to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR").

 

9 June 2023

Tungsten West Plc

 

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

Results of Open Offer

Results of General Meeting

Completion of CLN Tranche A Conditions and Total Voting Rights

Tungsten West plc (LON:TUN), the mining company focussed on restarting
production at the Hemerdon tungsten and tin mine in Devon, UK ("Hemerdon" or
the "Project"),  is pleased to announce the results of the Open Offer, which
closed for acceptances at 10.00 a.m. on 7 June 2023. The Company has received
valid acceptances from Qualifying Shareholders in respect of 6,522,496 Open
Offer Shares, representing approximately 9.8 per cent of the 66,666,666 New
Ordinary Shares available under the Open Offer, therefore raising an
additional £195,675 of proceeds for the Company.

The Company has therefore raised, in aggregate, gross proceeds of
approximately £7.1 million through the Oversubscribed Convertible Loan Note
Placing and Open Offer.

Results of the General Meeting

The Board is pleased to announce that all resolutions were passed at the
Company's General Meeting, held on 8 June 2023. Resolution 1 was passed as an
ordinary resolution and resolution 2 was passed as a special resolution.

Completion of CLN Tranche A Conditions

Following satisfaction of the conditions precedent of the Tranche A Notes, the
Company has served the notice on the Note Purchasers for the sum of a total of
£3.975 million and the Tranche A Notes are expected to be issued on or around
13 June 2023.

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for 6,522,496 Open
Offer Shares to be admitted to trading on AIM and dealings are expected to
commence on or around 8.00 a.m. on 13 June 2023. Following Admission of the
new Ordinary Shares, the enlarged Share Capital will be 187,074,111 Ordinary
Shares, each with voting rights.

The above 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.

 

Neil Gawthorpe, Chief Executive Officer of Tungsten West, commented:

"I am pleased to confirm that all resolutions were passed at the General
Meeting, demonstrating investor confidence and support in our plans for the
Hemerdon tungsten and tin mine. This marks the culmination of our interim
fundraise, which will provide capital to meet our near-term contractual
liabilities and annual expenditure, as well as financing planning and
permitting activities. We are now focussed on securing the Mineral Processing
Facility permit, which will include imminent low frequency noise trials, as we
progress Hemerdon towards production."

Ends

For further information, please contact:

 

 Tungsten West                                                              Strand Hanson

 Neil Gawthorpe/ Nigel Widdowson                                            (Nominated Adviser)

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

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

 (Financial PR)                                                             (Joint Broker)

 Tim Blythe / Megan Ray                                                     Andrew Raca / Andrew Monk

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

 Email:  tungstenwest@blytheray.com (mailto:tungstenwest@blytheray.com)     Hannam & Partners

                                                                            (Joint Broker)

                                                                            Andrew Chubb / Matt Hasson / Jay Ashfield

                                                                            +44 (0)20 7907 8500

 

 

 

 

 

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