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Tungsten Mining NL (ASX:TGN) announced a A$4.24 million financing via a renounceable entitlement issue of 1 new share for every 1 share held by shareholders, and an institutional placement by clients of Eight Carat Securities Pty Ltd.
As quoted in the press release:
The Company has agreed to issue 10 million new fully paid ordinary shares in the capital of the Company at an issue price of $0.04 per new share (Placement Shares) to two clients (each a subscriber) of Eight Carat Securities Pty Ltd (Eight Carat), to raise $400,000 (before costs) (Placement).
The Company also proposes to undertake a pro-rata renounceable entitlement issue of 1 new share for every share held by shareholders (being eligible shareholders of the Company on the proposed record date of 5.00pm (Perth time) on 9 April 2014 (Record Date) at an issue price of $0.04 per new share to raise (if fully subscribed) approximately $4.24 million (before costs) (Entitlement Offer).
Click here to read the Tungsten Mining NL (ASX:TGN) press release
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