Tungsten West plc raised £1.6 million by adding an additional tranche to the existing 2023 convertible loan notes.
The company said that the CLN had been amended and restated to include a tranche D on substantially the same terms as the CLN tranches of A, B in May 2023 and C in December 2023.
The amended CLN also extends the maturity date of the notes to 31 January 2025 for all the tranches.
Proceeds of tranche D will be go towards a revised feasibility study expected to complete during Q3 2024.
Tungsten West will hold a financing round in H2 2024 to enable tungsten and tin production to start in early 2026 at its Hemerdon mine in Devon.