( PR4US.com | Press Release | 2021-04-26 22:52:53 )
Toronto â€“ April 26, 2021 â€“ Almonty Industries Inc. (â€œAlmontyâ€) (TSX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) is pleased to announce it has closed 2 previously anticipated private placements and secured binding commitments from existing shareholders and insiders on a convertible debenture. The private placement was agreed prior to the recent appreciation of the share price with existing European shareholders and the company felt that it was appropriate to honor the price agreed from that time.
The pricing was for 2,000,000 shares at $0.85 and 308,333 shares at $0.90 for a grand total of US$1,579,358. The Company has also procured an additional US$8,010,642m of executed binding commitments from existing shareholders and insiders, linked to an unsecured 5% p.a convertible debenture with a $1.05 strike price. The binding funding trigger for this convert is 5 business days prior to the financial close of the KfW-IPEX US$75.1m loan which is now due to occur shortly.
The prospectus for the ASX Listing is nearing completion and will be submitted to the Australian Securities and Investment Commission and ASX around the same time as the Companyâ€˜s audited financials are filed and released shortly.
â€œI cannot state enough the importance to all shareholders that the financing of our Sangdong project had to be done in a way that ensured the maximum value upside was preserved for the benefit of all our shareholders both large and small,â€ says Lewis Black, Chairman, President and CEO of Almonty Industries. â€œEvery one of the shareholders have played an essential part in seeing this happen. The longevity of our Sangdong project meant this financing had to be constructed in a way to ensure that all shareholders will be able to benefit from the enormous value contained in this longevity. From major shareholders like the Plansee group who have committed nearly US$40m to this financing and Deutsche Rohstoff who as an insider has stood shoulder to shoulder with the Almonty team to fight to preserve this current and future value for all shareholders with their constant participation to our smaller retail shareholders whose patience and commitment have now seen the value of their investments continue to increase and will do so for many years to come as the value that we have preserved is continually released. What all our shareholders have achieved through their commitment is to have put the Sangdong project on the best possible footing for success. I will update the market next week on the first major phase construction that will be scheduled to commence shortly. I congratulate and thank each and every shareholder.â€
The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain and its Panasqueira mine in Portugal as well as the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development of the Valtreixal tin/tungsten project in north western Spain.
The Los Santos Mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate.
The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp.
Almonty owns 100% of the Valtreixal tin-tungsten project in north-western Spain.
Further information about Almontyâ€™s activities may be found at www.almonty.com and under Almontyâ€™s profile at www.sedar.com.