Business
Restructuring exercise and Board Changes
Restructuring exercise and Board Changes.
About this update from Tungsten West Plc
[{"type":"text","content":"\n \n \n Tungsten West Plc\n \n \n \n (\"Tungsten West\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n Restructuring exercise and Board Changes\n \n \n \n \n Conditional Convertible Loan Note issue to raise minimum of £5 million interim financing\n \n \n Open Offer for up to an additional £2 million\n \n \n Tungsten 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, announces that it is undertaking a restructuring exercise and interim fundraising (the \"Fundraising\") to enable it to focus on satisfying the conditions for completing the remaining funding required to complete the Project and take Hemerdon into production.\n \n \n \n \n \n Overview\n \n \n ·\n Fundraising underway in order to raise a minimum of £5 million and up to £6.95 million through a placing of Convertible Loan Note (the \"CLNs\" or \"Notes\") (the \"Placing\") and up to a further £2 million via an Open Offer (the \"Open Offer\")\n \n \n ·\n Review of funding options ongoing with a view to maximise value for the Company's shareholders and other stakeholders:\n \n \n o \n Cost cutting programme initiated including a review of operating costs, capital expenditure, and sale of surplus assets\n \n \n o \n Residual concentrate at site to be sold and part processed inventory to be processed for saleable tungsten and tin\n \n \n ·\n Active engagement with financial and strategic partners with regards to full Project funding\n \n \n ·\n Following completion of the Fundraising, Mark Thompson will step down from the Board and the Company is in the process of strengthening its Board with the recruitment of additional non-executive Directors with complementary skills and experience\n \n \n ·\n The Project team will focus on its work with the Environment Agency to secure the Mineral Processing Facility permit\n \n \n ·\n Updated feasibility study announced on 16 January 2023\n positions Tungsten West to become the largest tungsten producer in the Western World\n \n \n \n \n \n David Cather, Chairman of Tungsten West, commented:\n \n \n \n \n \n \"It is our objective and focus to bring Hemerdon back into production, and this interim fundraise will help us achieve this goal.\n \n \n \n \n \n The proceeds of the Fundra...