Company Announcements

Convertible Loan Note Update

Source: RNS
RNS Number : 5842I
Tungsten West PLC
28 March 2024
 

 

28 March 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 £1.6 million by way of adding  an additional tranche ("Tranche D") to the existing 2023 Convertible Loan Notes ("CLNs").

 

The CLN has been amended and restated ("Amended CLN") to include a Tranche D on substantially the same terms as the Tranches A, B and C of the CLNs, as announced 19 May 2023 and 18 December 2023. The Amended CLN also extends the maturity date of the notes to 31 January 2025 for Tranches A, B, C and D.

 

The proceeds of Tranche D will be used to commence work on an updated feasibility study which the Company expects to complete in Q3 2024, leading to a financing round in H2 2024 which will enable the Company to recommence production of tungsten and tin in early 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

Neil Gawthorpe

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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