Tungsten Corporation PLC Update on debt financing (2172P)
15 August 2014 - 4:00PM
UK Regulatory
TIDMTUNG
RNS Number : 2172P
Tungsten Corporation PLC
15 August 2014
TUNGSTEN CORPORATION PLC
("Tungsten" or collectively the "Tungsten Group")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN
NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF
THE RELEVANT LAWS OF SUCH JURISDICTION
For Immediate Release 15 August, 2014
Market Update
LONDON, 15 August 2014 - On 14 July 2014, Tungsten Corporation
plc (LSE:TUNG) outlined that it was exploring debt-funding
opportunities for Tungsten Bank, Tungsten Network Finance and the
Tungsten Group as a whole. Today, Tungsten is announcing that it
made an application to the British Business Bank for a potential
investment of up to GBP50 million in matched funding in support of
a debt placement by Tungsten Corporation plc. The British Business
Bank is a UK government-owned financial institution focused on
improving finance markets for smaller businesses. Tungsten has now
entered discussions with a number of institutional investors in
this regard and has also progressed discussions with a range of
other third parties to support its invoice financing
activities.
Shareholders will be kept informed as the Company finalises its
funding to accelerate the growth of the business. There can be no
guarantee that Tungsten will be able to secure such debt
financing.
About Tungsten Corporation plc
Tungsten Corporation (LSE:TUNG) accelerates global trade by
enabling customers to streamline invoice processing, improve
cash-flow management and make better buying decisions from their
detailed spend data.
Buyer organisations that join Tungsten Network, built on OB10
e-Invoicing, can reduce their invoice-processing costs by 60%.
Suppliers benefit from efficiencies, greater visibility of their
invoice status and peace of mind. Tungsten offers supply chain
financing through Tungsten Bank to suppliers and helps buying
organisations profit by applying real-time spend analytics to its
vast repository of line-level invoice data.
Tungsten serves 55% of the Fortune 500 and 67% of the FTSE 100
by connecting the world's largest companies and government agencies
to their thousands of suppliers around the globe. It is compliant
in 46 countries, and processes transactions worth over $187bn per
year for organisations such as Alliance Data, Aviva, Cargill,
Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM,
Kellogg's and US Federal Government.
Tungsten Corporation joined forces with OB10 in 2013 to create
the world's largest electronic trading network.
For further information:
Tungsten Corporation plc +44 20 7280 7807
Edmund Truell, CEO
Sandra Higgison, Head of Global Communications
Charles Stanley Securities +44 20 7149 6000
(NOMAD and Joint Broker)
Marc Milmo
Dugald Carlean
Canaccord Genuity (Joint Broker) +44 20 7523 8000
Simon Bridges
Peter Stewart
Cameron Duncan
Equus Group (Communications) +44 20 7223 1100
Piers Hooper
Sam Barton
This information is provided by RNS
The company news service from the London Stock Exchange
END
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