Business
Almonty Industries Announces Intention to Relocate to the United States
TORONTO / Jan 20, 2025 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company“) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased t
About this update from Almonty Industries Inc.
[{"type":"text","content":"TORONTO / Jan 20, 2025 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company“) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that the Company is planning to change its jurisdiction of incorporation from Canada to the State of Delaware while maintaining its listings for now on the Toronto Stock Exchange and the Australian Securities Exchange. We refer to this transaction as a “US domestication” in this press release. The US domestication reflects the growing importance of the United States in Almonty’s strategic positioning. With its robust regulatory framework for critical materials like tungsten and molybdenum and the evolving global economic landscape, the United States presents a compelling jurisdiction for our incorporation. The State of Delaware, in particular, was chosen as our new domicile because the Delaware General Corporation Law (“DGCL”) expressly accommodates continuances under Section 192 of the Canada Business Corporations Act and is recognized for its extensive body of corporate law. Supported by decades of case law in Delaware courts, the DGCL provides well-defined guidance on the duties and obligations of directors and officers, offering legal clarity that is expected to benefit both the Company and its shareholders. “By changing our base of operations and jurisdiction of incorporation from Canada to the United States, we are aligning our corporate structure with the location of a significant portion of our shareholder base and enhancing our ability to access key US markets,” said Lewis Black, CEO. “This move reinforces our strategic focus on growth and operational agility, ensuring we remain competitive and well-positioned to deliver value to stakeholders in an evolving global landscape. We observed ongoing global tensions with export restrictions in China, import duties by the United States and also restrictions on tungsten from China, Russia, Iran, and North Korea by the US Department of Defense. Amid those rising global tensions, Almonty and its South Korean Sangdong Mine are poised to become a cornerstone for a transparent and reliable Western source of tungsten and molybdenum.” As global geopolitical tensions evolve and policies in key economies shift to encourage domestic sourcing of critical raw materials, the Company’s management believes that being based i...