Convertible Loan Note Update
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Tungsten West (LON:TUN), the mining company focused on restarting production at the Hemerdon tungsten and tin mine ("Hemerdon" or the "Project") in Devon, UK, is pleased to announce that it has raised £1.6 million by way of adding an additional tranche ("Tranche D") to the existing 2023 Convertible Loan Notes ("CLNs").
The CLN has been amended and restated ("Amended CLN") to include a Tranche D on substantially the same terms as the Tranches A, B and C of the CLNs, as announced 19 May 2023 and 18 December 2023. The Amended CLN also extends the maturity date of the notes to 31 January 2025 for Tranches A, B, C and D.
The proceeds of Tranche D will be used to commence work on an updated feasibility study which the Company expects to complete in Q3 2024, leading to a financing round in H2 2024 which will enable the Company to recommence production of tungsten and tin in early 2026.
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