TIDMTUNG
RNS Number : 9897N
Tungsten Corporation PLC
21 May 2015
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA,
AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBLIC OF IRELAND OR THE
REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME
WOULD BE UNLAWFUL
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
Completion of Placings
Pursuant to the announcement released on 21 May 2015, Tungsten
Corporation plc (LSE: TUNG) ("Tungsten", the "Company") is pleased
to announce that it has, due to strong demand from institutional
investors, has successfully placed, on 21 May 2015, a total of
21,875,985 New Ordinary Shares at a price of 80 pence per share
(the "Placing Price"), raising total gross proceeds of GBP17.5
million.
Canaccord Genuity is acting as sole bookrunner ("Bookrunner")
and joint broker in respect of the Placings. Charles Stanley,
Tungsten's Nominated Adviser, is acting as joint broker in
connection with the Placings (together with Canaccord, the "Joint
Brokers"). Canaccord agreed to underwrite the Placings in full.
Tungsten is pleased to announce that it has placed firm
5,000,000 New Ordinary Shares (the "Firm Placing Shares") at the
Placing Price on a non pre-emptive basis to raise GBP4.0 million
gross (the "Firm Placing"). Application has been made for the Firm
Placing Shares to be admitted to trading on AIM and it is expected
that admission will take place at 8.00 a.m. on 28 May 2015 ("First
Admission").
In addition to the Firm Placing, Tungsten announces that it has
successfully placed a further 16,875,985 New Ordinary Shares (the
"Conditional Placing Shares") at the Placing Price on a non
pre-emptive basis to raise up to an additional GBP13.5 million of
gross proceeds (the "Conditional Placing"). The Conditional Placing
is conditional, inter alia, on shareholder approval at a general
meeting to be held on 11 June 2015 (the "General Meeting").
Application will be made for the Conditional Placing Shares to be
admitted to trading on AIM following the approval of the necessary
resolutions at the General Meeting and admission of the Conditional
Placing Shares is expected to take place at 8.00 a.m. on 12 June
2015 ("Second Admission").
Further details of the Firm Placing and Conditional Placing are
set out in the announcement released earlier today.
Certain members of the Board (either directly or indirectly
through associated investment vehicles) have bought the following
number of New Ordinary Shares in the Placings
Edmund Truell* 3,762,500
Peter Kiernan 12,500
Lincoln Jopp 25,000
Nicholas Parker 31,250
* Edmund Truell invested via Disruptive Capital Investments
Limited. Edmund Truell's holdings disclosed above represent both
his direct and indirect holdings.
Following First Admission, which is expected to take place on 28
May 2015, it is expected that Tungsten will have 108,529,412
Ordinary Shares in issue. 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's Disclosure
and Transparency Rules.
A circular to shareholders is expected to be posted in due
course, including details of the General Meeting and the
resolutions to be proposed at the General Meeting.
Enquiries:
Tungsten Corporation plc
Edmund Truell, Group CEO +44 20 7280 7901
Juliana Wheeler, Head of Global Communications +44 20 7280 7973
Charles Stanley Securities
(Nominated Adviser and Joint Broker)
Marc Milmo/Dugald Carlean +44 20 7149 6000
Canaccord Genuity Limited
(Bookrunner and Joint Broker)
Simon Bridges/Peter Stewart/Andrew
Beswick +44 20 7523 8000
Neustria Partners (Investors and
Analysts)
Robert Bailhache/Nick Henderson/Charles
Gorman +44 20 3021 2580
Equus Group (Media)
Piers Hooper/Sam Barton/James Culverhouse +44 20 7223 1100
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, the world's
largest compliant electronic invoice network, 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*; and helps buying organisations profit by applying real-time
spend analytics to its vast repository of line-level invoice
data.
Tungsten serves 56% 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 enables
suppliers to submit tax compliant e-Invoices in 47 countries, and
last year processed transactions worth over GBP121 billion for
organisations such as Alliance Data, Aviva, Cargill, Deutsche
Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's,
and the US Federal Government.
Tungsten Corporation joined forces with OB10 in 2013 to create
the world's largest electronic trading network; and acquired
DocuSphere in September 2014, a provider of accounts payable
automation solutions
Canaccord Genuity Limited, which is authorised and regulated in
the United Kingdom by the FCA, is acting as Bookrunner and joint
broker to the Company for the purposes of the AIM Rules for
Companies in connection with the Placings, First Admission and
Second Admission and is not acting for, and will not be responsible
to, any person other than the Company for providing the protections
afforded to customers of Canaccord Genuity Limited or for advising
any other person on any transaction or arrangement referred to in
this announcement.
Charles Stanley & Co Limited, which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority
(the "FCA"), is acting as Nominated Adviser and joint broker to the
Company for the purposes of the AIM Rules for Companies and the AIM
Rules for Nominated Advisers in connection with the Placings, First
Admission and Second Admission and is not acting for, and will not
be responsible to, any person other than the Company for providing
the protections afforded to customers of Charles Stanley & Co
Limited or for advising any other person on any transaction or
arrangement referred to in this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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