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Tungsten West raises £2.9m via CLN

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Tungsten West plc has raised £2.975 million by way of an additional tranche E to the existing 2023 convertible loan notes and tranche D CLN.

Proceeds: to update a feasibility study due for completion in Q3 2024 (Pixabay)

FINANCING

The amended and restated CLN to a tranche E is on substantially the same terms as tranches A, B, C and D and matures on 31 January 2025.

Tungsten West said it had received £2.9m of the tranche E and soon expects a further £75,000.

Proceeds from tranche E will be used to continue work on a revised feasibility study due for completion during Q3 2024.

A financing round will be held in the first half of 2025 which will enable the restart of tungsten and tin production in 2026 at Hemerdon mine in Devon.

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