Tungsten West plc has raised £6.95 million from placing convertible loan notes (CLNs) as part of its fundraise of up to £9m for Hemerdon tin-tungsten mine in Devon. LIABILITIES The company said that the conditional placing with investors was oversubscribed. Tungsten West still has to hold an open offer to raise up to a further […]
Tag: finance & funding
Ascent raises £400,000 via placing
Ascent Resources plc has raised £400,000 before expenses from existing shareholders through issuing 13,333,333 new ordinary shares of 0.5 pence each, at a price of 3 pence per placing share. Subject to shareholder approval, each placing share has one warrant attached with an exercise price of 5 pence per new warrant share over the next […]
Tungsten West to raise up to £9m as cost cutting starts
Tungsten West plc has started “major” cost cutting alongside up to a £9 million fundraise to meet “contractual liabilities” and pay for “significant annual expenditure” at its Hemerdon tin-tungsten mine in Devon. NEW DEBT The company aims to raise a minimum of £5m and up to £6.95m through a placing, not underwritten, of convertible loan […]
Orcadian focuses on funding and farm-in for Pilot
Orcadian Energy plc said its main aim for 2023 was to find a partner and new investors to develop the Pilot oil field in the central North Sea. FINANCES In its unaudited results for H1 2022, the company added it planned to improve the technical and commercial definition of Pilot’s development as well as maximise […]
Angus agrees £3m loan with Kemexon
Angus Energy plc has agreed a £3 million junior debt facility from commodity trading house and the company’s 9.91% shareholder Kemexon Ltd. BRIDGE FACILITY The ‘bridge facility’ has an initial term of three months, extendable by paying a 3% roll fee for a further three months. The debt is priced at SONIA* + 15% and commits the company to issue […]
Scotgold future at risk by poor gold grades and lack of funds
Lower than expected gold grades and potential lack of funds threaten Scotgold Resources Ltd’s future at Cononish mine, said the company. DECLINE OF GRADES The Australian miner has altered its plans from extracting ore via level development and cut-and-fill stoping to “cost effective and efficient extraction of ore” with long hole stoping in Q2 2023. […]