Tungsten West PLC (AIM:TUN, OTC:TNGWF) has raised £2.975 million through an addition (Tranche E) to the existing 2023 Convertible Loan Notes (CLNs) and Tranche D Convertible Loan Notes.
Tranche E will be issued on substantially the same terms as Tranches A, B, C and D of the CLNs with a maturity date of 31 January 2025.
Tungsten West said it had received £2.9 million of the Tranche E proceeds with the remaining £75,000 expected imminently.
Proceeds from Tranche E will be used to continue work on an updated feasibility study for the Hemerdon mine, which the company expects to complete in this current quarter leading to a financing round in the first half of 2025.
Tungsten and tin production at Hemerdon, near Plymouth, is scheduled to recommence in 2026.