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.
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.