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Tungsten shares bounce as placing raises more than expected

Tungsten shares bounce as placing raises more than expected
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.

View full TUNG profile View Profile

Tungsten Corp PLC Timeline

February 18 2016
February 09 2016
September 02 2015

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