Tungsten Mining's capital injection

Tungsten Mining NL (ASX:TGN) announced the successful completion of a capital raising initiative, securing $4.5 million before costs. The funds will be used for the acquisition and development of the Mt Mulgine Project and for general working capital. This move highlights investor confidence in the company's future plans.

Outlook and corporate strategy

Tungsten Mining NL has completed a $4.5 million capital raising through unsecured and unquoted convertible notes, primarily to fund the acquisition and development of the Mt Mulgine Project. The notes have a face value of $1,000 and convert into shares at a discounted rate, maturing in 12 months with a 10% annual interest rate. The company's strategy focuses on expanding its presence in the global tungsten market through strategic asset development. This successful capital raising reflects investor trust in Tungsten Mining's ability to grow and contribute significantly to the tungsten industry.

Executive insights on capital raising

We are pleased with the successful capital raising initiative, which strengthens our financial position and supports the acquisition and development of the Mt Mulgine Project.