NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR DISSEMINATION IN THE UNITED STATES
Almonty Industries Inc. (“Almonty”) (TSXV: AII) announces that
it has closed its previously announced private placement of
5,000,000 of common shares at a price of $0.30 per common share for
gross proceeds to Almonty of $1,500,000 (the “Offering”).
The Offering was announced in conjunction with the entering into
of a binding Heads of Agreement with ATC Alloys Limited (“ATC
Alloys”) pursuant to which Almonty agreed to make a recommended
off-market takeover offer under the Australia Corporations Act 2001
(Cth) for all of the issued, and to be issued, shares of ATC
Alloys.
All securities issued pursuant to the Offering are subject to
resale restrictions for a period of four months and a day until
October 4, 2016 as prescribed by the TSX Venture Exchange and
applicable securities laws.
Somers and Partners Pty Ltd acted as lead manager of the
Offering. In aggregate, Almonty paid a commission of $60,000 being
4% of the gross proceeds raised on the financing.
Almonty intends to use the net proceeds of the Offering to fund
working capital and general corporate purposes.
Lewis Black, President & CEO of Almonty said, “The closing
of the financing is the first step towards the recently announced
take-over offer in respect of ATC Alloys. We expect the transaction
with ATC Alloys will, if completed, add a downstream ferrotungsten
production capability to our existing portfolio of tungsten
development and production assets. We anticipate that the ASX
listing associated with the ATC Alloys transaction will promote
enhanced trading liquidity and greater investor interest in
Almonty.”
About Almonty
The principal business of Almonty is the mining, processing and
shipping of tungsten concentrate from its Los Santos Mine in
western Spain, its Wolfram Camp Mine in north Queensland, Australia
and its Panasqueira mine in Portugal as well as the development of
the Sangdong tungsten mine in Gangwon Province, Korea and 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 Wolfram Camp Mine was
acquired by Almonty in September 2014 and is located approximately
130 kilometres west of Cairns in northern Queensland, Australia and
produces tungsten and molybdenum 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 also
has an option to acquire a 100% ownership interest in the
Valtreixal tin-tungsten project in northwestern Spain. Further
information about Almonty’s activities may be found at
www.almonty.com and under Almonty’s profile at www.sedar.com.
Legal Notice
The release, publication or distribution of this announcement in
certain jurisdictions may be restricted by law and therefore
persons in such jurisdictions into which this announcement is
released, published or distributed should inform themselves about
and observe such restrictions.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Disclaimer for Forward-Looking Information
When used in this press release, the words “estimate”,
“project”, “belief”, “anticipate”, “intend”, “expect”, “plan”,
“predict”, “may” or “should” and the negative of these words or
such variations thereon or comparable terminology are intended to
identify forward-looking statements and information. This press
release contains forward-looking statements and information
including, without limitation, the completion of the ATC Take-over
by Almonty, adding downstream ferrotungsten processing
capabilities, and, the secondary listing of Almonty shares on the
ASX. These statements and information are based on management’s
beliefs, estimates and opinions on the date that statements are
made and reflect Almonty’s current expectations.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Almonty
to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: any
specific risks relating to fluctuations in the price of ammonium
para tungstate (“APT”) from which the sale price of Almonty’s
tungsten concentrate is derived, actual results of mining and
exploration activities, environmental, economic and political risks
of the jurisdictions in which Almonty’s operations are located and
changes in project parameters as plans continue to be refined,
forecasts and assessments relating to Almonty’s business, risks
relating to production forecasts and estimates from the ATC
ferrotungsten plant, credit and liquidity risks, ATC shareholders
acceptance of the take-over bid, hedging risk, competition in the
mining industry, risks related to the market price of Almonty’s
shares, the ability of Almonty and ATC to retain key management
employees or procure the services of skilled and experienced
personnel, risks related to claims and legal proceedings against
Almonty and any of its operating mines, risks relating to unknown
defects and impairments, risks related to the adequacy of internal
control over financial reporting, risks related to governmental
regulations, including environmental regulations, risks related to
international operations of Almonty, risks relating to exploration,
development and operations at Almonty’s tungsten mines, the ability
of Almonty and ATC to obtain and maintain necessary permits, the
ability of Almonty and ATC to comply with applicable laws,
regulations and permitting requirements, lack of suitable
infrastructure and employees to support Almonty’s mining
operations, uncertainty in the accuracy of mineral reserves and
mineral resources estimates, production estimates from Almonty’s
mining operations and ATC’s ferrotungsten plant, inability to
replace and expand mineral reserves, uncertainties related to title
and indigenous rights with respect to mineral properties owned
directly or indirectly by Almonty, the ability of Almonty to obtain
adequate financing, the ability of Almonty to complete permitting,
construction, development and expansion, challenges related to
global financial conditions, risks related to future sales or
issuance of equity securities, differences in the interpretation or
application of tax laws and regulations or accounting policies and
rules and acceptance of the ASX of the listing of Almonty shares on
the exchange.
Forward-looking statements are based on assumptions management
believes to be reasonable, including but not limited to, no
material adverse change in the market price of APT, the continuing
ability to fund or obtain funding for outstanding commitments,
expectations regarding the resolution of legal and tax matters, no
negative change to local Australian laws, the ability to secure
local contractors, employees and assistance as and when required
and on reasonable terms, the ability to sell the ferrotungsten
produced from the ATC’s operations and such other assumptions and
factors as set out herein. Although Almonty has attempted to
identify important factors that could cause actual results, level
of activity, performance or achievements to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results, level of activity, performance or
achievements not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to
be accurate and even if events or results described in the
forward-looking statements are realized or substantially realized,
there can be no assurance that they will have the expected
consequences to, or effects on, Almonty. Accordingly, readers
should not place undue reliance on forward-looking statements and
are cautioned that actual outcomes may vary.
Investors are cautioned against attributing undue certainty to
forward-looking statements. Almonty cautions that the foregoing
list of material factors is not exhaustive. When relying on
Almonty’s forward-looking statements and information to make
decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
Almonty has also assumed that material factors will not cause
any forward-looking statements and information to differ materially
from actual results or events. However, the list of these factors
is not exhaustive and is subject to change and there can be no
assurance that such assumptions will reflect the actual outcome of
such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS
RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF
THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER
SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT
DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR
TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160603005833/en/
AlmontyLewis BlackChairman, President and CEO+1 647
4338-9766lewis.black@almonty.com
Almonty Industries Inc. (TSXV:AII)
Historical Stock Chart
From Jun 2024 to Jul 2024
Almonty Industries Inc. (TSXV:AII)
Historical Stock Chart
From Jul 2023 to Jul 2024