TIDMTUN

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 GBP6.95 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 GBP5 million (the "Placing") , the Company has reached agreement with investors to raise GBP6.95 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 GBP2 million. Accordingly, the maximum total proceeds that the Company could raise from the fundraising is GBP8.95 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 
    Tel: +44 (0) 1752 278500             Adviser) 
                                         James Spinney / James Dance / 
                                         Abigail Wennington 
                                         Tel: +44 (0) 207 409 3494 
   BlytheRay                            VSA Capital Limited 
    (Financial PR)                       (Financial Adviser and Joint 
    Tim Blythe / Megan Ray               Broker) 
    Tel: +44(0) 20 7138 3204             Andrew Raca / Andrew Monk 
    Email: tungstenwest@blytheray.com    Tel: +44 (0)20 3005 5000 
 
    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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April 06, 2023 10:13 ET (14:13 GMT)

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