Tungsten Mining secures $50M share placement
- Tungsten Mining secured $50 million in firm commitments for a capital placement.
- The placement was priced at $0.32 per share to institutional and professional investors.
- Capital raised will fund the development of the Watershed Project and general corporate purposes.
Tungsten Mining (ASX:TGN) secured $50 million before costs through a share placement to institutional and professional investors to fund project growth.
The new capital injection comes amid a strong commodity price environment across tungsten, copper, gold, silver, and molybdenum.
"The additional funding strengthens our balance sheet and positions Tungsten Mining to progress the Watershed Tungsten Project towards a final investment decision, while continuing to advance the company's broader tungsten project portfolio at Mt Mulgine," said Tungsten Mining Chairman Gary Lyons.
The company stated that the additional funding strengthens its balance sheet and positions it to progress the Watershed tungsten project towards a final investment decision while advancing its Mt Mulgine project.
Following the announcement, the Tungsten Mining share price was down at $0.32.
The resource developer maintains a project portfolio focused on critical minerals, with primary operations located in Western Australia and Queensland.
