Tungsten notes settlement of tax, says on track

Tungsten Corporation notes a publication in the London Gazette regarding an application for a winding-up order made against a subsidiary, Tungsten Network Ltd.

This relates to a dispute over tax due by the subsidiary to HMRC.

Based on correspondence with HMRC, Tungsten understood that the outstanding amount was required to be paid by 12 October 2016.

The publication in the London Gazette was therefore made in error, which HMRC accept.

In any case, the outstanding sum has been settled in full. Tungsten has received confirmation from HMRC that it is in receipt of the funds. The application will be withdrawn in due course.

"Tungsten confirms that it remains on track to meet guidance for its current financial year, as reiterated at the Annual General Meeting on 16 September 2016," the company said.

At 9:43am: (LON:TUNG) Tungsten Corporation share price was +0.5p at 61.25p