Tungsten West PLC Convertible Loan Note Update
July 23 2024 - 2:00AM
RNS Regulatory News
RNS Number : 3720X
Tungsten West PLC
23 July 2024
23 July 2024
Tungsten West
Plc
("Tungsten West", the
"Company" or the "Group")
Convertible Loan Note
Update
Tungsten West (LON:TUN), the mining
company focused on restarting production at the Hemerdon tungsten
and tin mine ("Hemerdon" or the "Project") in Devon, UK, is pleased
to announce that it has raised £2.975 million by way of adding an
additional tranche ("Tranche E") to the existing 2023 Convertible
Loan Notes and Tranche D Convertible Loan Notes
("CLNs").
The CLN has been amended and
restated ("Amended CLN") to include a Tranche E on substantially
the same terms as the Tranches A, B, C and D of the CLNs, as
announced 19 May 2023, 18 December 2023 and 28 March 2024. The
maturity date of the notes is 31 January 2025. The Company has
received £2.90 million of the Tranche E proceeds and a further
£75,000 is expected imminently. In the event the remaining funds
are not received, the Company will make a further
announcement.
The proceeds of Tranche E will be
used to continue work on an updated feasibility study which the
Company expects to complete in Q3 2024, leading to a financing
round in 1H 2025 which will enable the Company to recommence
production of tungsten and tin in 2026.
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
Alistair Stobie
Tel: +44 (0) 1752 278500
|
Strand Hanson
(Nominated Adviser and Financial
Adviser)
James Spinney / James Dance /
Abigail Wennington
Tel: +44 (0) 207 409 3494
|
|
BlytheRay
(Financial PR)
Tim Blythe / Megan Ray
Tel: +44(0) 20 7138 3204
Email: tungstenwest@blytheray.com
Hannam & Partners
(Broker)
Andrew Chubb / Matt Hasson / Jay
Ashfield
Tel: +44 (0)20 7907 8500
|
|
Follow us on X @TungstenWest
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END
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