Business
Almonty Industries Announces Delay in Filing 2018 Financial Resultsand Cease Trade Order
TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (“Almonty” or the “Corporation”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) discloses today that the filings o
About this update from Almonty Industries Inc.
[{"type":"text","content":"TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (“Almonty” or the “Corporation”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) discloses today that the filings of the Corporation’s annual financial statements for the fiscal year ended September 30, 2018, the related management’s discussion and analysis and the related officer certifications of the annual filings for the year ended September 30, 2018 (collectively, the “2018 Annual Financial Filings”) were not completed by the deadline of December 31, 2018 (the “Filing Deadline”). As a result, after markets closed on January 7, 2019 the Ontario Securities Commission issued a cease trade order (the “Cease Trade Order”) against the Corporation pursuant to National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions and its securities have been halted from trading on the Toronto Stock Exchange. The Corporation is actively working with its auditors to finalize the 2018 Annual Financial Filings, which the Corporation expects to be completed soon. Once the 2018 Annual Financial Filings are finalized, the Corporation will seek to have the Cease Trade Order revoked. The Corporation will be forthcoming with an update on the 2018 Annual Financial Statements once the required filings have been made. About Almonty Industries Inc. 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 refurbishment of its Wolfram Camp Mine in north Queensland, Australia, 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 Wolfram Camp Mine was acquired by Almonty in September 2014 and is located approximately 130 kilometres west of Cairns in northern Queensland, Australia and has produced tungsten and molybdenum concentrate, although the Wolfram Camp Mine is not currently producing due to ongoing refurbishment of the processing plant. The Panasqueira mine, which has been in production since 1896, is located approximate...