QuickView: Successful placing raised GBP17.5m
Tungsten has successfully raised £17.5m of additional equity to meet its near-term cash flow problems previously mentioned in its pre-close trading update on 14 May 2015. It has also announced strategic initiatives to develop the business. These include a possible joint venture with a global financial institution to develop its invoice discounting activities and a review of strategic options for Tungsten Bank.Tungsten Corp is a global e-invoicing network that provides supply chain financing and spend analytics. Co.'s solutions include: purchase order services, where Tungsten Network facilitates the delivery, acknowledgment, variation and conversion of purchase orders into invoices; and invoicing services, which eliminate paper from the accounts payable process through e-invoicing. Co. has three segments: Tungsten Network, which includes the e-invoicing and spend analytics business of Tungsten Network; Tungsten Network Finance, which includes the supply chain finance business; and Tungsten Corporate, which includes overheads and general corporate activities.
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