Tungsten Mining NL on May 16 announced that the placement for developing the Mt Mulgine tungsten project in Western Australia was heavily oversubscribed and will raise A$47 million, more than double the A$20 million envisaged.
The company agreed to accept the oversubscriptions and now has firm commitments in place for the A$47 million amount from sophisticated and institutional investors. It confirmed the issue price of 34 Australian cents per share and will issue 138,235,293 shares.
It also confirmed that an option to acquire 1 share at 60 cents each up to Dec. 31, 2019, is attached for every 5 shares subscribed.
The new shares will be issued in two tranches. The second will be completed after shareholders approve the fundraising in June.
