Almonty expects drawdown of $75.1 million financing with KfW soon

Chicago, May 11 – Almonty Industries, Inc. expects to drawn down a $75.1 million finance facility on May 21 after satisfying a key condition, according to a press release.

The company satisfied the condition by raising $3.3 million in a private placement of shares and warrants to insiders to pay for the upfront cash portion of the Plansee/GTP fees, a final condition for the financing.

Almonty also needs to now pay $1.8 million, the outstanding balance, within 120 calendar days of closing of the project financing.

The company plans to satisfy the second condition by issuing shares to Plansee/GTP.

With the satisfaction of the conditions, KFW IPEX-Bank will move to internal sign off.

The Toronto company mines, processes and ships tungsten concentrate from its Los Santos Mine in Spain and its Wolfram Camp Mine in Queensland, Australia.

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