Tungsten West plc plans to raise £43 million comprising £29,288,296 via a direct subscription, up to £10,983,111 through a placing by way of an accelerated bookbuild, and a retail offer of up to £3 million.
SHARES SALE
The two-tranche fundraise for new ordinary shares of one pence each, is at a price of 18 pence per share.
The company issued 162,712,757 new ordinary shares for the subscription, by a “prominent international investor”, with the placing and retail offer at the same issue price.
The issue price is a 39% discount to the closing middle market price of 29.50 pence per ordinary share on 4 February 2026.
Net proceeds will help fund the 2025 feasibility study, financing and transaction costs, repay the £4m bridge facility, and fast track production at Hemerdon tungsten-tin mine in Devon.
The end of the bookbuild will determine the number of placing shares to be issued.
Tungsten West said it had insufficient authorities to issue all of the fundraise shares, so would issue up to 100m ordinary shares in the first tranche subscription and placing shares, which will be admitted to trading.
Remaining fundraise shares will be issued in the second tranche, together with the retail offer shares, subject to shareholders’ approval at a general meeting on or around 26 February 2026.
The company added that certain shareholders had agreed to sell their ordinary shares to participants in the placing to meet any additional demand for placing shares, subject to conditions which include the start and completion of the bookbuild.
Tungsten West is also progressing talks with “certain parties” regarding its debt in relation to the project financing which, along with the fundraise, is needed to restart production at Hemerdon.
The company has drawn £2m of the £4m bridge facility, which will fund further work to restart production, with full operations expected by Q4 2027.
Tungsten West said it had £400,000 cash as at 31 January 2026.
The company has issued in aggregate, 490,402,989 B shares, which are the same as ordinary shares but carry no vote, to noteholders Lansdowne, Drakewood, Henry Maxey.
DIRECTORS
Tungsten West directors participated in the placing for an aggregate 1,952,898 shares, raising £351,522.
Non-executive chairman Stephen Harrison subscribed for 222,222 placing shares.
Non-executive directors David Cather and Kevin Ross subsbcribed for 250,000 and 500,000 placing shares, respectively.
NED Richard Maxey, who currently holds 366,210 ordinary shares, subscribed for 80,000 placing shares, and will hold on the second admission 446,210 ordinary shares.
Chief financial officer Philip Povey, who has 2,995,305 existing ordinary shares, subscribed for 567 placing shares (3,562,649 ordinary shares).
Chief executive officer Jeffery Court subscribed for 194,444 placing shares, and NED Guy Edwards subscribed for 138,888 placing shares.