Business
Corporate Update
Corporate Update.
About this update from Tungsten West Plc
[{"type":"text","content":"\n\n16 August 2023\nTungsten West Plc\n(\"Tungsten West\", the \"Company\" or the \"Group\")\n \n Corporate Update\n \nTungsten West (LON:TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine (\"Hemerdon\" or the \"Project\") in Devon, UK, is pleased to announce that it has fulfilled the conditions precedent to draw the second tranche of up to £2.975 million of the 2023 Convertible Loan Notes (\"CLNs\"), announced on 19 May 2023.\n \nIn May 2023, the Company confirmed that it had raised a total of up to £6.95 million (before expenses) by way of CLNs, in two tranches, as follows:\n \n· an initial tranche of £3.975 million issued following the satisfaction of the conditions precedent in the Note Purchase Agreement (\"Tranche A Notes\"). The amount comprised a maximum commitment of up to £2 million from funds managed by Lansdowne and up to £1.975 million from other note purchasers; and\n \n· an additional tranche (\"Tranche B Notes\") of £2.975 million (comprising a maximum commitment of £1 million from funds managed by Lansdowne and up to £1.975 million from the other note purchasers) following the satisfaction of certain conditions precedent with the consent of the majority holders of the CLNs.\n \nLansdowne has now confirmed that Tungsten West has made satisfactory progress in permitting, funding and governance arrangements and has fulfilled the necessary conditions precedent to draw the Tranche B Notes. The Company expects to issue a further £2.975 million of loan notes on or around 17 August 2023.\n \nAs previously announced on 13 March 2023, the Board has been actively searching for suitable, industry experienced non-executive directors to enhance the Board's capabilities and to align the Board with the Company's strategic requirements. Further to this search the Board intends to appoint Mr. Adrian Bougourd and Mr. Guy Edwards as non-executive Directors, subject to satisfactory completion of due diligence checks required for the appointment of a director of an AIM company. Further details of these proposed appointments will be announced to the market once this due diligence process has been completed.\n \nAdditionally, further to the restructuring exercise and cost reduction programme announced on 3 April...