REG - Tungsten West PLC - Exercise of Options

Tungsten WestAnnouncement

20/05/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240520:nRST9850Oa&default-theme=true

RNS Number : 9850O  Tungsten West PLC  20 May 2024

20 May 2024

Tungsten West Plc

("Tungsten West", the "Company" or the "Group")

 

 Exercise of Options

 

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, announces it has received a notice of exercise in respect of founder
options over 1,657,196 new ordinary shares of £0.01 each in the capital of
the Company ("Ordinary Shares") (the "Founder Option Exercise"). The Founder
Option Exercise will provide £16,572 of additional funding to the Company,
which will be used for general working capital purposes.

 

The founder options were granted in October 2021, and exercisable upon certain
milestones being achieved. The Founder Option Exercise is pursuant to the
admission of the entire issued share capital of the Company to trading on AIM.
The founder options are set out in full in the admission document dated 15
October 2021.

 

The 1,657,196 new Ordinary Shares to be issued to pursuant to the Founder
Option Exercise will rank pari passu with the existing Ordinary Shares and
application will be made for the new Ordinary Shares to be admitted to trading
on AIM ("Admission"). It is expected that Admission will become effective and
dealings in the new Ordinary Shares will commence at 8.00 a.m. on or around 22
May 2024.

 

Total Voting Rights

 

Upon Admission, the Company's issued ordinary share capital will consist of
188,731,307 Ordinary Shares with one voting right each. The Company does not
hold any Ordinary Shares in treasury, therefore the total number of Ordinary
Shares and voting rights in the Company on Admission will be 188,731,307. With
effect from Admission, this figure may be used by shareholders in the Company
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 share capital of the Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

 

Ends

 

For further information, please contact:

 

Enquiries

 Tungsten West                               Strand Hanson

 Neil Gawthorpe                              (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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEEAKSXFADLEFA