Deal funds engineering at Almonty Korea Tungsten’s Sangdong project
By Devika Patel
Knoxville, Tenn., March 4 – Almonty Industries Inc. said it will conduct a C$5 million non-brokered private placement of units.
The company will sell 20 million units of one common share and one half-share warrant at C$0.25 per unit. Each whole two-year warrant is exercisable at C$0.30, a 3.45% premium to the March 3 closing share price of C$0.29.
Settlement of the first tranche is expected March 9.
Proceeds will be used for engineering work at Almonty Korea Tungsten’s Sangdong project and for general corporate purposes.
“We are conducting this raise to ensure the timeline development schedule at Almonty Korea Tungsten remains on track as we move to the final stage of arranging project financing,” president and chief executive officer Lewis Black said in a press release. “Our core group of existing shareholders and the industry as a whole continue to strongly support our low cost/low capex consolidation of the sector and the long term low cost viability and reliability that we bring to the western consumers of tungsten concentrate.”
The Toronto company mines, processes and ships tungsten concentrate from its Los Santos Mine in Spain and its Wolfram Camp Mine in Queensland, Australia.
| Issuer: | Almonty Industries Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5 million
|
| Units: | 20 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | March 4
|
| Settlement date: | March 9
|
| Stock symbol: | TSX Venture: AII
|
| Stock price: | C$0.29 at close March 3
|
| Market capitalization: | C$25.94 million
|
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