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Provider: Reuters Investment Profile

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Tungsten Mining NL Signs MOU For Share Placement

Sunday, 1 Sep 2013 07:53pm EDT 

Tungsten Mining NL announced that it has executed a non-binding Memorandum of Understanding (MOU) which provides for proposed subscription and off-take agreements to be entered into with certain clients of a Chinese private investment group, under which they will invest up to AUD15 million in Tungsten Mining through their subscription for ordinary shares in the issued share capital of TGN. Key elements of the MOU are: Tranche 1: placement of 12,500,00 shares at AUD0.20 (AUD2,500,000), September 30, 2013; Tranche 2: placement of 12,500,000 shares at AUD0.20 (AUD2,500,000), October 30, 2013; Tranche 3: placement of 30,303,031 shares at AUD0.33 (AUD10,000,000); May 31, 2014; and May, 2014; and subject to the Company raising AUD15 million through the issue of each of the tranches outlined above, the MOU provides for the negotiation of a definitive off-take agreement under which the investors will be entitled to acquire 50% by volume of the Kilba project’s tungsten concentrate production at a discount to the then prevailing market price.