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LONDON - Tungsten West (LON:TUNT) Plc (LON:TUN) has secured approximately £4.3 million in additional funding through a new tranche to its existing convertible loan notes, the UK-based mining company announced Wednesday.
The company, which focuses on restarting production at the Hemerdon tungsten and tin mine in Devon, added the funds as "Tranche H" to its 2023 Convertible Loan Notes that were amended and restated on July 1.
Following this latest funding round, the total amount outstanding under the convertible loan notes, including accrued interest as of July 1, stands at approximately £29.2 million. The notes have a maturity date of December 31, 2025.
According to the company’s statement, the new tranche carries "substantially the same terms" as the previous seven tranches announced between May 2023 and May 2025.
Tungsten West indicated that proceeds from Tranche H will support the company’s development and economic plan to restart the Hemerdon project. The funds will also help advance debt and equity funding targeted for the end of 2025, while the company pursues "further value adding and de-risking opportunities."
The mining firm is working toward resuming operations at the Hemerdon mine, which contains deposits of tungsten and tin. The announcement was made through a regulatory news service based on information from a company press release.
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