Tungsten West (AIM:TUN, “TW”) has secured a £4m bridge loan from existing investors, alongside a conditional agreement with the same parties for the full conversion of Convertible Loan Notes (“CLNs”). We view this as a significant derisking event for the ongoing financing process, with CLNs no longer holding security over the Hemerdon project, clearing the path for other debt funders, while full conversion caps the potential equity overhang. The bridge facility will go towards the operation rest ....
