TGN – Tungsten Mining NL
.
Tungsten Mining successfully raises $9.5M to advance the Mt. Mulgine gold-tungsten strategy
Australian tungsten developer, Tungsten Mining NL has received firm commitments to raise $9.5 million (before costs) via a single tranche share placement to professional and sophisticated investors The Placement was priced at $0.067 per new fully paid ordinary share in the Company.
Highlights
• Firm commitments received for a $9.5m Placement significantly supported by existing shareholders of the Company
• Tungsten Mining emerges well-funded to support ongoing gold-tungsten strategy at the Company’s 100%-owned Mt Mulgine Project
• Proceeds of the Offer to fund oxide gold and tungsten metallurgical testwork, engineering and project development activities, resource modelling and mine planning and general working capital and costs of the Offer.
• Offer Price represents a ~24% discount on 15-day trading VWAP
