Tungsten West plc raised £18,544.22 after receiving notices to exercise options to subscribe for 1,854,422 new ordinary shares of one penny each at an exercise price of one penny per ordinary share.
Pursuant to the option exercise, Baker Steel Resources Trust Ltd will be issued with 1,657,196 new ordinary shares.
This will increase Baker Steel’s holding to 28,846,515 ordinary shares, representing approximately 16.1% of the company’s enlarged share capital.
The balance of the new ordinary shares will be issued to an employee of the company.
USES
The additional funds will be used for general working capital purposes on restarting production at the Hemerdon tungsten and tin mine in Devon.