Business
Almonty Industries Announces Shareholder Approval of Proposed US Domestication
TORONTO / Feb 27, 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 / Feb 27, 2025 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company“) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that the holders of common shares in the capital of the Company (“Shareholders”) have overwhelmingly voted to approve Almonty’s proposed continuance from Canada to the State of Delaware, USA (the “US Domestication”). A special resolution permitting the Company to effect the US Domestication was approved by 99.96% of the votes cast at a special meeting of Shareholders held earlier today. Details of the voting results will be filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. “The Domestication gives Almonty great optionality going forward and reflects the growing importance of the United States in our strategic positioning, particularly given its strong regulatory framework for critical materials such as tungsten and molybdenum,” said Lewis Black, CEO of Almonty. “It will also align our corporate structure with the location of a significant portion of our Shareholder base and is expected to enhance Almonty’s long-term competitiveness in light of global geopolitical tensions and policies in key economies shifting to encourage domestic sourcing of critical raw materials. I want to thank shareholders for overwhelmingly supporting this important milestone initiative for Almonty.” The US Domestication, if completed, will be effected through a court-approved plan of arrangement (the “Arrangement”) under Section 192 of the Canada Business Corporations Act. The Company will apply for a final order of the Ontario Superior Court of Justice (Commercial List) for approval of the Arrangement on March 4, 2025. While Shareholders were entitled to exercise rights of dissent with respect to the Arrangement, no such dissent rights were exercised. Completion of the US Domestication is subject to court and certain regulatory approvals. Notwithstanding receipt of any such approvals, the US Domestication will be completed if and when determined by the Company’s board of directors. About Almonty The principal business of 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 development of its Sangdong tungsten mine in Gangwon Province, South Kore...