A company looking to restart production of the rare metal tungsten at its mine in Devon has said it is looking to raise millions of pounds to complete the project.
Tungsten West has also announced a restructure as part of a major cost cutting strategy, as it looks to continue to re-develop the Hemerdon mine site near Plymouth. The Hemerdon deposit is estimated to be the second-largest reported tungsten reserve globally.
The AIM-listed company said it was aiming to secure between £5m and £6.95m through an interim fundraising round through a convertible loan note, and a further £2m via an open offer to existing shareholders.
