London – Mayer Brown advised Tungsten West Plc (“Tungsten West”), a UK-based resource development company whose shares are admitted to trading on AIM, on a strategic investment by National Wealth Fund Limited (“NWF”), a wholly owned entity of the UK Government, to restart the Hemerdon Tungsten-Tin Project in Devon.
The investment package combines a GBP 36 million equity subscription for 100 million new ordinary shares with a GBP 25 million secured project finance facility, a GBP 10 million uncommitted accordion and a 366-day tenor. Part of the equity subscription proceeds was applied to refinance existing short-term borrowing, the balance and debt funding support the Project’s restart and development.
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