TIDMTUNG
RNS Number : 7452Q
Tungsten Corporation PLC
03 September 2014
TUNGSTEN CORPORATION PLC
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
3 September, 2014
Completion of Placing
Pursuant to the announcement yesterday, Tungsten Corporation plc
(LSE: TUNG) ("Tungsten" or the "Company") is pleased to announce
that it has successfully placed a total of 3,529,412 new ordinary
shares (the "Placing") at a price of 340 pence per share on a non
pre-emptive basis raising total gross proceeds of approximately
GBP12 million. Application will be made for the Placing shares to
be admitted to trading on AIM and it is expected that admission
will take place at 8:00 a.m. on 9 September 2014 ("Admission").
Further details of the Placing are set out in the announcement
released yesterday.
As stated in the announcement released yesterday, certain
members of the Board and their family investment vehicles had
indicated their interest in participating in the Placing. Further
to these indications, the Board members have bought, directly or
through their family investment vehicles, the following number of
shares in the Placing:
Placing participation Holdings post Placing
----------------------------- --------------------------
Name Number Value (GBP) Number % of issued
of shares of shares share
capital
----------------------- ----------- ---------------- ------------ ------------
Edmund Truell
(through Rockhopper
Investments Limited) 524,742 GBP1,784,122.80 15,392,426* 14.87%
Daniel Truell 14,118 GBP48,001.20 414,118** 0.40%
Michael Spencer
(through IPGL) 111,400 GBP378,760.00 1,941,885 1.88%
Peter Kiernan 6,212 GBP21,120.80 182,199 0.18%
Phil Ashdown 7,059 GBP24,000.60 207,059 0.20%
* This is the total number of Edmund Truell's direct and
indirect holdings. The indirect holdings are held via Rockhopper
Investments Limited, the family vehicle of Edmund Truell.
** This is the total number of Michael Spencer's direct and
indirect holdings. The indirect holdings are held via IPGL, the
private holding company majority controlled by Michael Spencer and
his family interests.
Canaccord Genuity Limited ("Canaccord") acted as sole
bookrunner, broker and agent in relation to the Placing.
Following Admission, it is expected that Tungsten will have
103,529,412 Ordinary Shares in issue. The Company holds no Ordinary
Shares in treasury; therefore the total number of voting rights in
the Company is 103,529,412. This figure may be used by shareholders
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 Company under the FCA Disclosure
and Transparency Rules.
Commenting on the completion of the Placing, Edmund Truell,
Group Chief Executive Officer of Tungsten said:
"We are very pleased that our shareholder base has strongly
supported our placing and acquisition. DocuSphere's technology and
very capable team bring Tungsten the ability to accelerate the
fulfilment of new opportunities on a global scale while further
enhancing the value we deliver to customers."
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 J. Carlean
Canaccord Genuity (Joint Broker) +44 20 7523 8000
Corporate Finance:
Simon Bridges
Peter Stewart
Cameron Duncan
Equity Capital Markets: +44 20 7523 8000
Tim Redfern
Kit Stephenson
Equus Group (Communications) +44 20 7223 1100
Piers Hooper
Sam Barton
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 over over $750 billion of line-level invoice
data.
Tungsten Network serves 53% of the Fortune 500 and 66% 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 last year processed 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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