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Tungsten Corp PLC (TUNG)

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Monday 14 July, 2014

Tungsten Corp PLC

Tungsten Explores Debt Funding Opportunities

RNS Number : 1616M
Tungsten Corporation PLC
14 July 2014
 

TUNGSTEN CORPORATION PLC

 

("Tungsten")

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

 

 

For Immediate Release 14th July, 2014

 

 

MARKET UPDATE

 

Tungsten Explores Debt Funding Opportunities

 

London, 14 July - As outlined in its recently published Annual Accounts, Tungsten has made significant progress in its plans to provide supply chain finance to customers of the Tungsten Network. The required regulatory approvals have been obtained for, and Tungsten completed, the acquisition of Tungsten Bank in June 2014. In addition, significant investment has been made in the Tungsten Network Finance infrastructure, to create a stable and secure financing platform fully integrated with Tungsten Network. Tungsten is therefore now able to commence building out its Tungsten Network Finance proposition.

 

As set out at the time of the Company's IPO, the initial funding required by the Group in order to enable it to provide its invoice discount offering will be supplied by third party and largely bank funders. Over the medium term, Tungsten Bank will seek to raise deposits (from wholesale and institutional clients as well as the Company's existing customers on the Tungsten Network). In line with this strategy, and as set out in the Company's recently published accounts, Tungsten Network Finance has progressed discussions with a range of third parties (including Blackstone Tactical Opportunities) to explore additional sources of capital across the geographies and jurisdictions that Tungsten operates in. This includes considering the options open to the Company to add debt to the structure as the Company creates a more mature and conventional balance sheet for Tungsten's business as Tungsten Network Finance grows. There is no assurance that Tungsten will secure any means of debt financing at present and shareholders will be kept informed as the Company finalises the initial funding to accelerate the growth of the business.

 

LONDON, 14 July 2014

 

 

Enquiries:

 

Tungsten Corporation plc

Edmund Truell, Chief Executive Officer                                         +44 20 3435 5680

Sandra Higgison, Head of Global Communications                           +44 20 7280 7973

 

Charles Stanley Securities
(Nominated Adviser and Joint Broker)

Marc Milmo/Dugald Carlean/Laura White                                        +44 20 7149 6000

 

Canaccord Genuity Limited
(Joint Broker)

Simon Bridges/Peter Stewart/Cameron Duncan                              +44 20 7523 8000

 

Equus Group (Communications)

Piers Hooper / Sam Barton                                                           +44 20 7223 1100

 

 

About Tungsten Corporation plc

Tungsten Corporation (LSE: TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data.

 

Buyer organizations that join Tungsten Network, built on OB10 e-Invoicing, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers supply chain financing through Tungsten Bank to suppliers and helps buying organizations profit by applying real-time spend analytics to its vast repository of line-level invoice data.

 

Tungsten connects the world's largest companies and government agencies to their thousands of suppliers around the globe. It is compliant in 46 countries, and processes transactions worth over $180 billion per year for organizations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's, and US Federal Government.

 

Tungsten Corporation joined forces with OB10 in 2013 to create the world's largest electronic trading network.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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