Tungsten West PLC
FINPROM Findings
13“a discount of approximately 39.0 per cent. to the closing middle market price of 29.50 pence per Ordinary Share... direct subscription with the Company by a prominent international investor ('Subscriber')... raising £29,288,296”
A 39% discount to market price is significant. A single unnamed 'prominent international investor' is subscribing for £29.3m of the £44.4m total raise (66% of proceeds), representing a major concentration. Retail investors via the RetailBook offer are subscribing alongside a dominant single party at a steep discount.
“the Subscription and Placing was more than 2.5 tim[es oversubscribed]... a discount of approximately 39.0 per cent. to the closing middle market price”
Oversubscription emphasis (2.5x) in the bookbuild results serves a promotional function. The 39% discount and single-subscriber dominance (£29.3m of £41.4m) merit clearer flagging for retail participants who see this result alongside their own retail offer result.
“the Company's current cash balances (being approximately £0.4 million as at 31 January 2026)... secured a bridge facility for the amount of £4 million... to provide the Company with further working capital”
Cash of only £0.4m with a £4m bridge facility drawn to cover working capital indicates material financial constraint. Retail investors are invited into a pre-production mining company with near-zero cash runway absent the fundraise.
“fine gravity circuit commissioning expected to begin in Q3 2026... current expectation of full production by Q4 2027”
Production timeline projections are stated as expectations in the highlights section without immediate risk qualifiers. Forward-looking disclaimers exist later in the document but are separated from the headline projections by considerable text.
“Stephen Harrison, David Cather, Kevin Ross, Richard Maxey, Philip Povey, Jeffery Court, and Guy Edwards... acquiring in aggregate, 1,952,898 new Ordinary Shares... raising £351,522”
All seven directors participating alongside retail. While director participation can signal confidence, the breadth of participation at a 39% discount creates alignment concerns and benefits insiders at the same discounted terms.
“the Subscription and Placing was more than 2.5 times oversubscribed, receiving strong support from existing and new investors, allowing the Company to broaden its institutional following”
Promotional framing of oversubscription in the results announcement is unbalanced without corresponding risk reminders. While factual, this language pattern could create FOMO pressure on retail investors in future offers.
“"discount of approximately 39 per cent...repay the Company's bridge facility (as announced on 9 December 2025), and fast track production, with the fines gravity circuit commissioning expected to begin in Q3 2026"”
The 39% discount combined with use of proceeds to repay a bridge facility signals financial stress. Unqualified forward-looking statement about commissioning timing (Q3 2026) and 'fast track production' without risk caveats in the retail-facing body of the announcement.
“the Retail Offer, which was substantially oversubscribed, successfully completed”
Describing the retail offer as 'substantially oversubscribed' in the results announcement could be seen as promotional framing. While factual, this language may create FOMO for future offers. Minor area for improvement.
“a prominent international investor”
The unnamed 'prominent international investor' subscribing for £29.3m is described in promotional terms without identification, which may lend undue credibility to the fundraise for retail investors unable to assess the Subscriber's identity.
“Richard Maxey, Jeffery Court, and Guy Edwards subscribed for Retail Offer Shares pursuant to the Retail Offer”
Three directors subscribed through the retail offer channel specifically (not the institutional placing), raising questions about whether directors' participation in the retail tranche was appropriate or could have influenced retail allocation.
“a discount of approximately 39.0 per cent. to the closing middle market price of 29.50 pence per Ordinary Share on 4 February 2026”
A 39% discount to closing price is a deep discount well above the 30% threshold. Retail investors subscribing at 18p while shares last traded at 29.5p face immediate mark-to-market risk not prominently contextualised in retail-facing sections. [Severity adjusted: discount alone insufficient for high severity without compounding factors.]
“the Retail Offer, which was substantially oversubscribed, successfully completed and closed at 5.45 p.m. on 5 February 2026”
The retail offer opened and closed on the same day (5 Feb 2026), giving retail investors only hours to evaluate a complex mining pre-production fundraise with 39% discount, 490m convertible B Shares, and £0.4m cash. This is an area for improvement in ensuring adequate retail consideration time. [Timing concerns alone reclassified as low severity.]
“THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM... SHOULD NOT BE CONSIDERED AS A RECOMMENDATION”
Clear disclaimers and appropriate regulatory language in the result announcement. Proper jurisdiction restrictions and factual presentation of results.
RNS Announcements
4Result of Bookbuild and Subscription Raising
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF TUNGSTEN WEST PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT IN RESPECT OF TUNGSTEN WEST PLC AND SHOULD NOT BE CONSIDERED AS A RECOMMENDATION THAT ANY INVESTOR SHOULD SUBSCRIBE FOR OR PURCHASE ANY SUCH…
Result of Retail Offer
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. 06 Fe…
Subscription and Proposed Placing
THIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION CONTAINED IN THEM (THE "ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, HONG KONG, SINGAPORE, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION . THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR CONTAIN ANY INVITATION, SOLIC…
Retail Offer by RetailBook
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN ANY JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW OR REGULATION. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT THIS ANNOUNCEMENT AMOUNTS TO A FINANCIAL PROMOTION FOR THE PURPOSE…
LinkedIn Activity
6Delighted to give existing investors the opportunity to participate in the fundraise. Retail offer to raise up to ~£2 million via BookBuild platform.
Advised Tungsten West plc on £43m fundraising. £3m raised via oversubscribed retail offer via RetailBook platform. Fantastic result, exciting for UK mining.
Law firm uses promotional language ('fantastic result', 'exciting') about a deal where issuer had only £0.4m cash
Describes the IPO as an 'exceptional opportunity for investors' offering 'private equity style returns, usually reserved for professional investors and developers'. Projected 21.75% pa IRR and 2.58x equity multiple.
FINPROM concern: 'Private equity returns' language used in promotion of AQSE-listed shares to retail investors via RetailBook. The projected 21.75% IRR is presented without caveats about construction risk, pre-let conversion risk, or the fact that AQSE Growth Market has lower regulatory standards than AIM or Main Market. Oberon Investments and RetailBook appointed as joint capital raisers. No direct LinkedIn post found but the language permeates all promotional materials that would be shared on the platform.
Announced Cobalt Holdings emerging from stealth mode. 6-year supply agreement with Glencore for $1 billion in cobalt. DRC controls significant market share. China controls ~80% of refined cobalt supply. Glencore and Anchorage Capital as cornerstone investors holding 20.5%. Initial $200m purchase of 6,000 tons at discount to spot.
CEO and sole director personally promoting $230m IPO on LinkedIn with no risk warnings. High engagement (191 reactions). Framed as strategic opportunity with geopolitical narrative. RetailBook ran concurrent retail offer at $2.56/share, minimum $650. IPO was subsequently cancelled in June 2025 over lack of investor interest -- less than 24 hours before trading was due to start.
Fortified Securities announced acting as placing agent for Mendell Helium's fundraise, securing "£796,000 through a combination of placing and direct subscriptions at 2 pence per share." CEO Nick Tulloch quoted: "We are now fully funded to bring one of the most exciting helium opportunities in the U.S. into production." Mentions AQSE Growth Market admission target and potential AIM move.
Placing agent promoting fundraise with forward-looking CEO quote. No risk warnings. Hashtags include #EnergyTransition, #GrowthCapital.
Detailed post about Mendell Helium's Rost 1-26 well production initiation. Quotes: "The well is flowing more than 100 thousand cubic feet of gas per day with a helium concentration of 5.1% resulting in an estimated daily helium revenue of over US $1,600." Emphasises helium market growth from $4.1bn (2024) to $6bn by 2030. M3 Helium acquisition option discussed.
Market-positive framing emphasising commercial opportunity without counterbalancing volatility considerations or acquisition contingencies. Highest engagement (49 reactions) of all MDH posts found.
Board of Directors
10| Name | Role | Appointed | Status |
|---|---|---|---|
| Adrian Richard Bougourd | Director | 2023-09-04 | active |
| Ben Harber | Director | 2020-10-07 | active |
| David Connal Cather | Director | 2021-09-07 | active |
| Guy Charles Edwards | Director | 2023-09-04 | active |
| Jeffery Arnold Court | Director | 2024-10-08 | active |
| Kevin John Ross | Director | 2023-09-04 | active |
| Martin John Wood | Director | 2022-11-24 | active |
| Philip Clifton Povey | Director | 2025-12-05 | active |
| Richard William Macfarlane Maxey | Director | 2020-12-09 | active |
| Stephen Richard Harrison | Director | 2024-12-04 | active |