Tungsten West plc has raised £2 million by adding an additional tranche to the existing 2023 convertible loan notes to progress work at the Hemerdon mine in Devon.
FINANCING
Tranche F is on substantially the same terms as tranches A, B, C, D and E of the CLNs.
The company said that July’s tranche E closed immediately before tranche F for £2.9m.
Tranche F proceeds will be used to continue the targeted scope feasibility work needed to build a plan and economic assessment due to complete by early 2025.
Tungsten West added that the full feasibility study, if required, would also complete in early 2025.
A subsequent financing round in H1 2025 will allow the restart of production of tungsten and tin in H2 2026.
The company also continues to explore funding from certain export credit agencies in the UK, US and individual states within the EU along with other potential capital providers.
Tungsten West has received a letter of intent from one counterparty and will submit a formal application as a preliminary step although there is no guarantee of success.