15th Aug 2014 06:59
LONDON (Alliance News) - Tungsten Corp PLC Friday said it has applied to the British British Business Bank for a potential investment of up to GBP50.0 million in matched funding in support of a debt placement.
The British Business Bank is a UK government-owned financial institution focused on improving finance provision for smaller businesses.
In a statement, Tungsten also said it is discussing the matter with a number of institutional investors, and has "progressed discussions" with a range of other third parties to support its invoice financing activities.
"Shareholders will be kept informed as the company finalises its funding to accelerate the growth of the business. There can be no guarantee that Tungsten will be able to secure such debt financing," Tungsten said.
The news comes after Tungsten last month said it was exploring debt-funding opportunities.
The company runs the Tungsten Network, built on OB10 e-Invoicing, which it says can reduce buyers' invoice-processing costs by 60%. Suppliers, on the other hand, can benefit from better efficiency and improved visibility of their invoice status.
Tungsten also offers supply-chain financing through Tungsten Bank to suppliers and helps buying organisations profit by applying real-time spend analytics to its repository of line-level invoice data.
By Samuel Agini; [email protected]; @samuelagini
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