Bird & Bird advises Strand Hanson Limited, H&P Advisors Limited, and VSA Capital Group Limited on Tungsten West’s IPO and admission to the AIM market

10-2021

Bird & Bird advises the Nominated Adviser, Strand Hanson Limited, and the brokers, H&P Advisors Limited and VSA Capital Group Limited, on Tungsten West plc’s (the “Company” or “Tungsten West”) IPO and admission to the AIM market.

The IPO is set for October 21st 2021, raising £39 million for the Company, giving a market capitalisation of approximately £106.2 million. Tungsten West is the 100% owner and operator of the Hemerdon tungsten and tin mine, located near Plymouth, England, and is one of the largest tungsten resources in the world.

The IPO and admission to the AIM market will raise the profile of the company and its products and services. Alongside the £36 million in project financing from a fund managed by Orion Resource Partners, the £39 million raised in the IPO will fund the Hemerdon mine back into full commercial production.

Tungsten West will also use the funding for several process plant upgrades set to significantly improve the efficiency of the plant and restart production for the first time since 2018. Tungsten is vital for the manufacturing of new technology, used in many different sectors such as automotive, energy, and manufacturing.

The Bird & Bird team was led by Corporate Partner, Clive Hopewell, together with legal director Nicholas Heap and associate Ed Reardon.

Lead partner, Clive Hopewell, Bird & Bird comments: “We were delighted to advise Strand Hanson Limited, H& P Advisors Limited and VSA Capital Group Limited on the exciting IPO of Tungsten West on the London Stock Exchange’s AIM market. The Tungsten West resource will provide an important contribution to the UK’s raw materials security of supply for new technology. Our team at Bird & Bird provide market-leading expertise and have extensive experience in renewable energy and mining, well suited to all aspects of this deal.”

James Spinney, Head of Capital Markets at Strand Hanson commented: “It was a pleasure to work with Clive and the team at B&B who provided clear, timely and informed advice throughout the transaction.”