16/04/2018 - 10:27

Tungsten in $20m raising

16/04/2018 - 10:27

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West Perth-based Tungsten Mining has tapped investors for $20 million as the company seeks to progress its Mt Mulgine project in the Murchison region.

Tungsten in $20m raising
Craig Ferrier says the proceeds will be used to fast track studies at Mt Mulgine. Photo: Attila Csaszar

West Perth-based Tungsten Mining has tapped investors for $20 million as the company seeks to progress its Mt Mulgine project in the Murchison region.

Tungsten has issued 58 million shares at 34 cents each, a 15 per cent discount on the 10-day volume-weighted average price, with demand from sophisticated and institutional investors.

Under the placement, applicants will receive one free attaching option for every five shares purchased, which is exercisable at a price of 60 cents before December 2019.

Chief executive Craig Ferrier said the proceeds would be used to fast track studies related to large scale mining and processing operations at Mt Mulgine.

“The funds raised by the placement strengthen our existing significant cash reserves to support accelerated development at Mulgine Hill, fast tracking an expansion case incorporating the Mulgine Trench deposit and to maximise opportunities presented in the market,” he said.

Shares in Tungsten were off 5.5 per cenat at 43 cents each at 12pm AEDT.

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