Tungsten West plc conditionally raised £2.8 million by adding a further tranche to its existing 2023 convertible loan notes.
HEMERDON
Certain existing CLN holders subscribed for tranche G in part A for £1.9 million and part B for £900,000.
The company also proposes a “major” capital raise expected from the beginning of Q2 2025 which it might use to form component parts of an revised feasibility study.
The maturity date of the notes has also been extended to 31 December 2025.
Proceeds of tranche G will be used to continue studies on a plan and economic model, expected to complete by the end of Q1 2025, and for general working capital.
Tungsten West anticipates a financing round in H2 2025 to enable the restart of tungsten-tin production during H2 2026 at its Hemerdon mine in Plymouth.