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Almonty Announces the Appointment of Michael Costa to its Board of Directors and Restructuring of Notes Owing to Dundee Resources Limited
TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (TSX-V: AII) (“Almonty” or the “Company”) (TSX-V: AII) is pleased to announce it has added Mr. Michael Costa a
About this update from Almonty Industries Inc.
[{"type":"text","content":"TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (TSX-V: AII) (“Almonty” or the “Company”) (TSX-V: AII) is pleased to announce it has added Mr. Michael Costa as an independent director to its board of directors. Mr. Costa serves as Vice President and Portfolio Manager at Goodman & Company Investment Counsel Inc. In this role, he acts as Portfolio Manager, managing a portfolio of opportunistically invested assets, with a core focus on Canadian capital markets. From 2010 to 2012, Mr. Costa served as director with UBS Securities Canada and was responsible for managing the Fundamental Investment Group’s Canadian investment portfolio. Prior to joining UBS, Mr. Costa served as Vice President at both Goldman Sachs & Co. in New York and Goldman Sachs Canada Inc., in Toronto. From 2005 to 2010, Mr. Costa was a member of the Goldman Sachs Special Situations Group (“GSSSG”), a multi-strategy principal investment platform within Goldman Sachs. During this time, he successfully sourced, structured and executed both public and private debt and equity principal investments on behalf of the firm. In 2006, Mr. Costa moved to Toronto to become one of three founding members of the Canadian Special Situations Group (“CSSG”) within GSSSG. Mr. Costa was promoted to Co-Head of CSSG. Mr. Costa began his career at Goldman Sachs in 2003 on the distressed/high yield desk. He graduated cum laude with honours in Economics from Colgate University in Hamilton, New York. The appointment of Mr. Costa as an additional independent director allows Almonty to meet the governance requirements of the Company Manual of the Toronto Stock Exchange and supports its application to graduate its listing to the main board of the Toronto Stock Exchange, which has been submitted and is currently being reviewed by the exchange. Almonty also is pleased to announce the restructuring of a number of promissory notes issued to Dundee Resources Limited into a convertible debenture (the “Debenture”) in the aggregate principal amount of CAD$5,937,081 and having a maturity date of January 30, 2020 (the “Maturity Date”). Subject to the approval of the TSX Venture Exchange, the Debenture is convertible into common shares of Almonty (“Common Shares”) at a price of $1.00 per Common Share. The Debentures bear interest at a rate of 6.0% per annum, which shall accrue monthly and compo...