14th Jul 2014 08:29
LONDON (Alliance News) - Tungsten Corp PLC Monday said it is exploring debt funding opportunities with a range of third parties to explore additional sources of capital to accelerate its growth.
The electronic invoicing company had said that initial funding to enable it to provide its invoice discounting offering will be supplied by third party, largely bank, funders. In the medium term, it said Tungsten Bank will seek to raise deposits from wholesale and institutional clients as well as the company's existing customers on the Tungsten Network.
Tungsten said Monday that it has progressed discussions with a range of third parties, including Blackstone Tactical Opportunities, to explore additional sources of capital, including options to add debt to the structure, as the company creates a more mature and conventional balance sheet as Tungsten Network Finance grows.
"There is no assurance that Tungsten will secure any means of debt financing at present, and shareholders will be kept informed as the company finalises the initial funding to accelerate the growth of the business," the company said in a statement Monday.
Tungsten completed the acquisition of Tungsten Bank in June, and has made a significant investment in the Tungsten Network Finance infrastructure, which means it is now able to commence building out its Tungsten Network Finance proposition.
Tungsten shares were up 4.3% at 276.00 pence Monday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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