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Tungsten shares bounce as placing raises more than expected

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Some £4mln worth of shares have already been firm placed.

Shares in electronic invoice group Tungsten (LON:TUNG) rebounded as it raised more than expected from a share placing.

Broker Canaccord sold £17.5mln worth of shares through a book-build exercise at a price of 80p per share, compared to a target of £15mln when it announced the funding.

Some £4mln worth of shares have already been firm placed with the rest subject to shareholder approval at a meeting on 28 May. 

Edi Truell, chief executive, bought 3.76mln shares at a cost of just over £3mln with 860,000 of these acquired in the firm placing.

Ahead of the funding, Tungsten said it was in discussions with a global financial institution over a possible joint venture and was still exploring the licence options for its proposed bank.

Quick facts: Tungsten Corp PLC

Price: 40.6 GBX

AIM:TUNG
Market: AIM
Market Cap: £51.19 m
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