TUNGSTEN unveils £15mn equity raising plan via a firm and conditional share placing. The company has been in talks with investors for some time but the latest round of funding will be used to raise capital from existing shareholders as well as new investors. Funds will be invested in its electronic invoice network and early payment business and to fund new product developments. Tungsten also said it is currently in talks on a proposed JV with an unnamed global financial institution, and that it is actively exploring strategic options for its Tungsten Bank business. It is also in talks with the PRA re the nature of its operations and governance of the bank.
TUNGSTEN unveils £15mn equity raising plan via a firm and conditional share placing. The firm placing consists of 5mn new shares to be sold at 43.8p with the remainder conditional upon shareholder approval. Funds will be invested in its electronic invoice network and early payment business and to fund new product developments.Tungsten also said it is currently in talks on a proposed JV with an unnamed global financial institution, and that it is actively exploring strategic options for its Tungsten Bank business. It is also in talks with the PRA re the nature of its operations and governance of the bank.