REG - Tungsten West PLC - Convertible Loan Note Update

Tungsten WestAnnouncement

13/01/2025 13:30

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RNS Number : 1228T  Tungsten West PLC  13 January 2025

 

13 January 2025

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 conditionally raised £2.8 million by
way of adding an additional tranche ("Tranche G") to the existing 2023
Convertible Loan Notes (as amended and restated on 15 October 2024) ("CLNs").

 

The CLN has been further amended and restated ("Amended CLN") to include an
additional Tranche G on substantially the same terms as the Tranches C, D, E,
and F of the CLNs, as announced 19 May 2023, 18 December 2023, 28 March 2024,
23 July and 17 October 2024. Tranche G has been subscribed for by certain
existing CLN holders and comprises two parts: namely, Part A for the sum of
£1.9 million and Part B for the sum of £0.9 million.  The proceeds of Part
A are expected to be received on or around 14 January 2025 by the Company and
the receipt of the proceeds of Part B is subject to certain conditions
precedent being satisfied (or waived by the Super-Majority Purchasers (as
defined in the Amended CLN)). These conditions precedent primarily relate to
project economics and the preparation for a proposed major capital raise
expected from the beginning of Q2 2025 which may be used to form component
parts of an updated feasibility study. The maturity date of the notes has also
been extended to 31 December 2025.

 

The proceeds of Tranche G will be used to continue work on the studies
required to build a robust plan and economic model, which the Company expects
to complete by the end of Q1 2025, together with general working capital
purposes. It is currently expected that this will lead to a financing round in
H2 2025 which will enable the Company to recommence production of tungsten and
tin in H2 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                               Strand Hanson

 Alistair Stobie                             (Nominated Adviser and Financial Adviser)

 Tel: +44 (0) 1752 278500                    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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