Armstrong Teasdale’s U.K. Capital Markets Team advised Tungsten West Plc (the Company), the mining company focussed on restarting production at the Hemerdon tungsten and tin mine in Devon in the U.K., on its fundraising, by way of a placing of secured Convertible Loan Notes (CLNs) as well as advising on an Open Offer to qualifying shareholders.

The Company entered into definitive documentation with investors (Note Purchasers) for establishment of the CLNs to raise up to £6.95 million, including an initial tranche of £3.975 million and an additional tranche of £2.975 million, which are subject to conditions precedent prior to drawdown. Additionally, the Company may offer a further tranche of up to £2 million to other investors, subject to the satisfaction of further condition precedents. The Company also launched an Open Offer on 19 May 2023, to raise up to £2 million at an issue price of 3 pence per ordinary share.

The Company announced on 9 June 2023 that it had raised, in aggregate, gross proceeds of approximately £7.1 million through the Convertible Loan Note Placing and Open Offer.

Joan Yu, Head of U.K. Capital Markets at Armstrong Teasdale, commented:

“We were delighted to advise Tungsten West on this fundraising round and look forward to future opportunities to work with Tungsten West.”

The Armstrong Teasdale team was led by Yu and supported by Partners Nick Heap and Una Deretic, Senior Associate Coral Yu, Solicitor Cameron Sutton and Trainee Solicitor Filip Filipek.

The Company’s joint brokers for the transaction were VSA Capital Limited and Hannam & Partners.  Strand Hanson Limited is the Company’s Nominated Adviser.