22nd May 2015 07:21
LONDON (Alliance News) - Tungsten Corp PLC shares rose Friday after it said it has raised GBP17.5 million after conducting two placings of just shy of 21.9 million new shares at 80.0 pence per share due to strong demand from institutional investors, and said its chief executive enlarged his share and remains the company's largest shareholder.
Tungsten Corp shares were up 23.7% to 86.58 pence per share on Friday morning.
Canaccord Genuity is acting as sole bookrunner and joint broker in respect of the placings, which it has agreed to fully underwrite. Charles Stanley, Tungsten's nominated adviser, is acting as joint broker in connection with the placings.
The first placing is firm and is for 5.0 million new shares at the placing price, with the remaining 16.9 million shares being issued under a conditional placing to raise a further GBP13.5 million. The conditional placing requires shareholder approval at a general meeting due to be held June 11.
Four directors of the company have taken part in the firm and conditional placings, including Chief executive Edmund Truell who acquired 859,961 shares in the firm placing and 2.9 million shares in the conditional placing, giving him a 16.97% stake following the transactions. Truell remains the company's largest shareholder.
Chief Operating Officer Lincoln Jopp acquired 5,714 firm shares and 19,286 conditional shares, which gives him a 0.04% stake in the company following the transactions.
Director Peter Kiernan acquired 2,857 firm shares and 9,643 conditional shares to give him a 0.16% stake after the placings and Nicholas Parker bought 7,142 firm shares and 24,108 conditional shares, which will leave him with a 0.06% stake.
By Joshua Warner; [email protected]; @JoshAlliance
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