Tungsten Mining (ASX:TGN) successfully raised AU$53 million by issuing 278.9 million new shares to sophisticated, institutional, and professional investors at AU$0.19 apiece, representing a 0.1% premium to the stock's 15-day volume-weighted average price, according to a Monday filing with the Australian bourse.

The placement was heavily oversubscribed by institutional, professional, and existing investors, per the filing.

The proceeds will be used primarily for study activities at Mt Mulgine Project in Western Australia, including exploration to expand its mineral resource estimate, further studies to advance the fully permitted Watershed Project in Northeast Queensland, and for capital raising costs and general working capital, the filing added.

The company's shares fell around 6% in recent Monday trade.