Blake Morgan advises AIM‑quoted Tungsten West Plc on £43 million fundraising

Blake Morgan Equity Capital Markets team has advised AIM‑quoted Tungsten West Plc (Tungsten West), the mining company focused on restarting production at the Hemerdon tungsten and tin mine in Devon U.K., on its £43 million fundraising.

The transaction included an oversubscribed placing and subscription of £40.04 million, comprising the proposed issue of 59,746,113 ordinary shares to new institutional investors and existing shareholders at an issue price of £0.18 per share, raising gross proceeds of £10,754,300. In addition, 162,712,757 new ordinary shares were issued through a direct subscription with Tungsten West by a prominent international investor, raising a further £29,288,296.

The placing and subscription were structured in two tranches. The first tranche was admitted to trading on AIM on 11 February 2026. The second tranche is expected to be admitted on 27 February 2026, subject to shareholder approval at Tungsten West’s general meeting on 26 February 2026.

Blake Morgan also advised Tungsten West on a separate retail offer launched via the RetailBook platform, giving existing shareholders the opportunity to participate at the same issue price. This retail offer was oversubscribed and conditionally raised an additional £3 million.

The Blake Morgan team was led by Partner Joan Yu, supported by Senior Associate Cameron Sutton.

Commenting on the transaction, Joan Yu said:

Blake Morgan has a nationally recognised Corporate and Equity Capital Markets practice with deep experience advising listed and privately owned companies, investors, and financial institutions. The team provides comprehensive support across the full spectrum of corporate activity, including fundraisings, IPOs, secondary issues, M&A transactions, joint ventures, restructurings and ongoing corporate governance.