LONDON, May 21, 2015 /PRNewswire/ --
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
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, 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 £17.5 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 £4.0 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 £13.5 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.
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 £121 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.
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
SOURCE Tungsten Corporation