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Tungsten Mining NL, MOU Signed for Share Placement and Off-Take Agreement

Tungsten Mining NL (ASX:TGN) (“Tungsten Mining” or “the Company”) is pleased to announce that it has executed a non-binding Memorandum of Understanding (“MOU”) which provides for proposed subscription and off-take agreements to be entered into with certain clients of a Chinese private investment group, under which they will invest up to A$15M in Tungsten Mining through their subscription for ordinary shares in the issued share capital of TGN.

Key elements of the MOU are:

-  Tranche 1: placement of 12,500,00 shares at A$0.20 (A$2,500,000), 30 September, 2013;
-  Tranche 2: placement of 12,500,000 shares at A$0.20 (A$2,500,000), 30 October, 2013;
-  Tranche 3: placement of 30,303,031 shares at A$0.33 (A$10,000,000); 31 May, 2014; and
-  subject to the Company raising A$15M through the issue of each of the tranches outlined above, the MOU provides for the negotiation of a definitive off-take agreement under which the investors will be entitled to acquire 50% by volume of the Kilba project’s tungsten concentrate production at a discount to the then prevailing market price.


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