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Tungsten West raises GBP7.1 million to support mine plans

9th Jun 2023 18:19

(Alliance News) - Tungsten West PLC on Friday said it has raised an additional GBP200,000 through an open offer.

Tungsten West is a London-headquartered mining company focussed on restarting production at Hemerdon tungsten and tin mine in Devon, England.

The company said it has raised an additional GBP195,675 via an open offer. Its has therefore now raised GBP7.1 million through an oversubscribed convertible loan note placing and open offer.

In May, Tungsten said it had raised a total of up to GBP7.0 million from convertible loan notes.

Chief Executive Officer Neil Gawthorpe said: "This marks the culmination of our interim fundraise, which will provide capital to meet our near-term contractual liabilities and annual expenditure, as well as financing planning and permitting activities. We are now focussed on securing the Mineral Processing Facility permit, which will include imminent low frequency noise trials, as we progress Hemerdon towards production."

By Sophie Rose, Alliance News reporter

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