Business
Subscription and Proposed Placing
Tungsten West Plc is undertaking a fundraise totaling up to £43.27 million through a £29.29 million direct subscription from an international investor and a placing and retail offer aiming for an additional £14.27 million. The issue price for new ordinary shares is £0.18, representing a premium to the 30-day VWAP but a discount to the recent closing price. The proceeds will be used for the 2025 Feasibility study, financing costs, repaying a £2 million bridge facility tranche, and accelerating production, with fine gravity circuit commissioning expected in Q3 2026. The fundraise is structured in two tranches, with the first contingent on existing shareholder authorities and the second requiring shareholder approval at a general meeting on February 26, 2026. Disclaimer*
About this update from Tungsten West Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION CONTAINED IN THEM (THE \"ANNOUNCEMENT\") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, HONG KONG, SINGAPORE, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.\nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF TUNGSTEN WEST PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT IN RESPECT OF TUNGSTEN WEST PLC AND SHOULD NOT BE CONSIDERED AS A RECOMMENDATION THAT ANY INVESTOR SHOULD SUBSCRIBE FOR OR PURCHASE ANY SUCH SECURITIES.\nThis Announcement contains inside information for the purposes of the UK version of the Market Abuse Regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended by the European Union (Withdrawal) Act 2020 (\"UK MAR\"). In addition, market soundings (as defined in UK MAR) were taken in respect of certain of the matters contained in this Announcement, with the result that certain persons became aware of such inside information, as permitted by UK MAR. Upon the publication of this Announcement, this inside information is now considered to be in the public domain and such persons shall therefore cease to be in possession of inside information.\n \n5 February 2026\nTungsten West Plc\n (\"Tungsten West\" or the \"Company\")\nSubscription of £29.29 million and Proposed Placing of a minimum of £10.98 million\n \nTungsten West (AIM: TUN), the mining company focused 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 non pre-emptive equity fundraise through a direct subscription with the Company by a prominent international investor (\"Subscriber\"), a new invest...