Business
Replacement Convertible Loan Notes Documentation
Replacement Convertible Loan Notes Documentation.
About this update from Tungsten West Plc
[{"type":"text","content":"\n\nThe following amendments have been made to the Convertible Loan Notes Documentation announcement released by Tungsten West Plc on 19 May 2023 at 7am under RNS No 9607Z\nIn the Expected Timetable of Principal Events table:\nThe Record Date for entitlements under the Open Offer has been amended to 17 May 2023 and Latest time and date for receipt of completed Application Forms and payment in full under the Open Offer and settlement of relevant CREST instructions (as appropriate) has been amended to 7 June 2023\nAll other details remain unchanged.\nThe full amended text is shown below.\n \n \n19 May 2023\nTungsten West Plc\n(\"Tungsten West\", the \"Company\" or the \"Group\")\nConvertible Loan Notes Documentation\nLaunch of Open Offer\nPosting of Circular and Notice of General Meeting\nTungsten West (AIM:TUN), the mining company focussed on restarting production at the Hemerdon tungsten and tin mine (\"Hemerdon\" or the \"Project\") in Devon in the UK, is pleased to announce that further to the announcement released on 6 April 2023, it has executed definitive documentation in respect of the convertible loan notes.\nOverview of the Convertible Loan Notes\n· The Company has raised a total of up to £6.95 million (before expenses) by way of convertible loan notes (\"CLNs\"), in two tranches as follows:\n(a) an initial tranche of £3.975 million to be issued at completion and following the satisfaction of the conditions precedent in the Note Purchase Agreement (\"Tranche A Notes\"). Such amount comprises 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(b) 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 (such consent not to be unreasonably withheld or delayed);\n· In addition, the Company may offer up to a further tranche of £2 million aggregate principal CLNs (\"Tranche C Notes\") to a third party procured by Lansdowne, failing which the CLNs may be offered to the existing Note Purchasers pro rata to th...