Tungsten West PLC Results of General Meeting (1810C)
09 Junio 2023 - 1:00AM
UK Regulatory
TIDMTUN
RNS Number : 1810C
Tungsten West PLC
09 June 2023
The information contained within this Announcement is deemed by
Tungsten West plc to constitute inside information as stipulated
under the Market Abuse Regulation (EU) No. 596/2014 as it forms
part of UK law by virtue of the European Union (Withdrawal) Act
2018 ("MAR").
9 June 2023
Tungsten West Plc
("Tungsten West", the "Company" or the "Group")
Results of Open Offer
Results of General Meeting
Completion of CLN Tranche A Conditions and Total Voting
Rights
Tungsten West plc (LON:TUN), the mining company focussed on
restarting production at the Hemerdon tungsten and tin mine in
Devon, UK ("Hemerdon" or the "Project"), is pleased to announce the
results of the Open Offer, which closed for acceptances at 10.00
a.m. on 7 June 2023. The Company has received valid acceptances
from Qualifying Shareholders in respect of 6,522,496 Open Offer
Shares, representing approximately 9.8 per cent of the 66,666,666
New Ordinary Shares available under the Open Offer, therefore
raising an additional GBP195,675 of proceeds for the Company.
The Company has therefore raised, in aggregate, gross proceeds
of approximately GBP7.1 million through the Oversubscribed
Convertible Loan Note Placing and Open Offer.
Results of the General Meeting
The Board is pleased to announce that all resolutions were
passed at the Company's General Meeting, held on 8 June 2023.
Resolution 1 was passed as an ordinary resolution and resolution 2
was passed as a special resolution.
Completion of CLN Tranche A Conditions
Following satisfaction of the conditions precedent of the
Tranche A Notes, the Company has served the notice on the Note
Purchasers for the sum of a total of GBP3.975 million and the
Tranche A Notes are expected to be issued on or around 13 June
2023.
Admission and Total Voting Rights
Application has been made to the London Stock Exchange for
6,522,496 Open Offer Shares to be admitted to trading on AIM and
dealings are expected to commence on or around 8.00 a.m. on 13 June
2023. Following Admission of the new Ordinary Shares, the enlarged
Share Capital will be 187,074,111 Ordinary Shares, each with voting
rights.
The above figure may be used by shareholders in the Company as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Neil Gawthorpe, Chief Executive Officer of Tungsten West,
commented :
"I am pleased to confirm that all resolutions were passed at the
General Meeting, demonstrating investor confidence and support in
our plans for the Hemerdon tungsten and tin mine. This marks the
culmination of our interim fundraise, which will provide capital to
meet our near-term contractual liabilities and annual expenditure,
as well as financing planning and permitting activities. We are now
focussed on securing the Mineral Processing Facility permit, which
will include imminent low frequency noise trials, as we progress
Hemerdon towards production."
Ends
For further information, please contact:
Tungsten West Strand Hanson
Neil Gawthorpe/ Nigel Widdowson (Nominated Adviser)
Tel: +44 (0) 1752 278500 James Spinney / James Dance / Abigail
Wennington
Tel: +44 (0) 207 409 3494
BlytheRay VSA Capital Limited
(Financial PR) (Joint Broker)
Tim Blythe / Megan Ray Andrew Raca / Andrew Monk
Tel: +44(0) 20 7138 3204 +44 (0)20 3005 5000
Email: tungstenwest@blytheray.com Hannam & Partners
(Joint Broker)
Andrew Chubb / Matt Hasson / Jay
Ashfield
+44 (0)20 7907 8500
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END
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June 09, 2023 02:00 ET (06:00 GMT)
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