Close

Tungsten Corporation Plc: Completion of Placings

May 21, 2015 3:03 PM EDT

LONDON, May 21, 2015 /PRNewswire/ --

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBLIC OF IRELAND OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL

Pursuant to the announcement released on 21 May 2015, Tungsten Corporation plc (LSE: TUNG) ("Tungsten", the "Company") is pleased to announce that it has, due to strong demand from institutional investors, successfully placed, on 21 May 2015, a total of 21,875,985 New Ordinary Shares at a price of 80 pence per share (the "Placing Price"), raising total gross proceeds of £17.5 million.

Canaccord Genuity is acting as sole bookrunner ("Bookrunner") and joint broker in respect of the Placings. Charles Stanley, Tungsten's Nominated Adviser, is acting as joint broker in connection with the Placings (together with Canaccord, the "Joint Brokers"). Canaccord agreed to underwrite the Placings in full.

Tungsten is pleased to announce that it has placed firm 5,000,000 New Ordinary Shares (the "Firm Placing Shares") at the Placing Price on a non pre-emptive basis to raise £4.0 million gross (the "Firm Placing"). Application has been made for the Firm Placing Shares to be admitted to trading on AIM and it is expected that admission will take place at 8.00 a.m. on 28 May 2015 ("First Admission").

In addition to the Firm Placing, Tungsten announces that it has successfully placed a further 16,875,985 New Ordinary Shares (the "Conditional Placing Shares") at the Placing Price on a non pre-emptive basis to raise up to an additional £13.5 million of gross proceeds (the "Conditional Placing"). The Conditional Placing is conditional, inter alia, on shareholder approval at a general meeting to be held on 11 June 2015 (the "General Meeting"). Application will be made for the Conditional Placing Shares to be admitted to trading on AIM following the approval of the necessary resolutions at the General Meeting and admission of the Conditional Placing Shares is expected to take place at 8.00 a.m. on 12 June 2015 ("Second Admission").

Further details of the Firm Placing and Conditional Placing are set out in the announcement released earlier today.

Certain members of the Board (either directly or indirectly through associated investment vehicles) have bought the following number of New Ordinary Shares in the Placings



    Edmund Truell*        3,762,500
                         
    Peter Kiernan         12,500
                          
    Lincoln Jopp          25,000
                         
    Nicholas Parker       31,250

* Edmund Truell invested via Disruptive Capital Investments Limited. Edmund Truell's holdings disclosed above represent both his direct and indirect holdings.  

Following First Admission, which is expected to take place on 28 May 2015, it is expected that Tungsten will have 108,529,412 Ordinary Shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

A circular to shareholders is expected to be posted in due course, including details of the General Meeting and the resolutions to be proposed at the General Meeting.

About Tungsten Corporation plc  

Tungsten Corporation (LSE: TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data.

Buyer organisations that join Tungsten Network, the world's largest compliant electronic invoice network, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers supply chain financing through Tungsten Bank*; and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.

Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100 by connecting the world's largest companies and government agencies to their thousands of suppliers around the globe. It enables suppliers to submit tax compliant e-Invoices in 47 countries, and last year processed transactions worth over £121 billion for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's, and the US Federal Government.

Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network; and acquired DocuSphere in September 2014, a provider of accounts payable automation solutions

Canaccord Genuity Limited, which is authorised and regulated in the United Kingdom by the FCA, is acting as Bookrunner and joint broker to the Company for the purposes of the AIM Rules for Companies in connection with the Placings, First Admission and Second Admission and is not acting for, and will not be responsible to, any person other than the Company for providing the protections afforded to customers of Canaccord Genuity Limited or for advising any other person on any transaction or arrangement referred to in this announcement. 

Charles Stanley & Co Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (the "FCA"), is acting as Nominated Adviser and joint broker to the Company for the purposes of the AIM Rules for Companies and the AIM Rules for Nominated Advisers in connection with the Placings, First Admission and Second Admission and is not acting for, and will not be responsible to, any person other than the Company for providing the protections afforded to customers of Charles Stanley & Co Limited or for advising any other person on any transaction or arrangement referred to in this announcement. 

Enquiries: 


   
    Tungsten Corporation plc

    Edmund Truell, Group CEO                      +44-20-7280-7901
                                                  
    Juliana Wheeler, Head of Global
    Communications                                +44-20-7280-7973

    Charles Stanley Securities

    (Nominated Adviser and Joint Broker)

    Marc Milmo/Dugald Carlean                     +44-20-7149-6000

    Canaccord Genuity Limited

    (Bookrunner and Joint Broker)

    Simon Bridges/Peter Stewart/Andrew Beswick    +44-20-7523-8000

    Neustria Partners (Investors and Analysts)

    Robert Bailhache/Nick Henderson/Charles
    Gorman                                        +44-20-3021-2580

    Equus Group (Media)

    Piers Hooper/Sam Barton/James Culverhouse     +44-20-7223-1100

SOURCE Tungsten Corporation



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Press Releases

Related Entities

Canaccord Genuity