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Tungsten Mining shakes the tin

8th November 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Tungsten Mining is hoping to raise some A$5.27-million through a fully underwritten nonrenounceable entitlement offer, to advance the Mt Mulgine tungsten project, in Western Australia, and to retire debt.

The company is offering eligible shareholders the opportunity to acquire one fully paid ordinary share through a one-for-two nonrenounceable entitlement offer, priced at 4c each.

The offer included one attaching three-year option to acquire an ordinary share for 4c for every two shares taken up.

Tungsten Mining said on Tuesday that funds raised will be used to advance the Mt Mulgine project, where the company is progressing its plans for a staged development, starting with Mulgine Hill. Works required to progress the project to an investment decision include resource development drilling, metallurgical studies, mining studies, engineering and offtake negotiations.

Edited by Creamer Media Reporter

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