Tungsten Agrees Financing Arrangement With BNY Mellon's Insight - Quick Facts

(RTTNews) - Tungsten Corp. Plc. (TUNG.L), the holding company of OB10 Limited that provides electronic invoice delivery or e-invoicing, announced Monday that it has signed an agreement with asset manager Insight Investment Management (Global) Ltd. Under the deal, Insight has agreed to invest in Tungsten Early Payment receivables, eligible invoices originated by Tungsten in Europe and North America.

Terms of the agreement with Insight, which is subject to certain regulatory approvals, are not disclosed. The funding to be provided under this multi-year agreement is expected to total several billion pounds.

Insight, owned by Bank of New York Mellon Corp. (BK), has agreed to purchase approved-to-pay, investment grade receivables originated through the Tungsten Network e-Invoicing platform.

This financing, together with the existing capital within Tungsten Bank, will provide the Company with all the required funding at this stage for its invoice finance proposition, so the Company no longer needs to pursue alternative financing options, such as a bond issue.