Business
Almonty Industries Inc. announces CAD$ 3.8 million in bank financing and the decision not to proceed with an offer for Ormonde
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About this update from Almonty Industries Inc.
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE\n UNITED STATES/\n\n\n/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN,\n INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A\n VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION/\n\n\nTORONTO, Jan. 31, 2014 /CNW/ - Almonty Industries Inc. (\"Almonty\" or the \"Company\") (TSXV: AII) announces that it has entered into two unsecured debt\n facilities with Banca de Empresas, a subsidiary of Banco Santander\n Group, for CAD$ 3.8 million (the \"Financing\"). The funds from the Financing are intended to be used for continued\n evaluation of potential strategic acquisitions and investment\n opportunities in the tungsten industry and for advancing the\n development of the Valtreixal Project.\n\n\nThe Irish Takeover Panel imposed a deadline of January 31, 2014 for\n Almonty to either announce an offer for Ormonde Mining plc (\"Ormonde\") under Rule 2.5 of the Irish Takeover Rules or announce that it will\n not proceed with an offer for Ormonde. At the request of the Irish\n Takeover Panel, Almonty announces that it does not intend to make an\n offer for Ormonde. Accordingly, Almonty is bound by the restrictions\n under Rule 2.8 of the Irish Takeover Rules.\n\n\nThis decision has been made after a careful review of the information\n available to Almonty on Ormonde. Almonty has a number of significant\n concerns regarding Ormonde's Barruecopardo Project. As a result of\n Ormonde's unwillingness to engage in any dialogue with Almonty, it has\n not been possible for Almonty to address its concerns, and consequently\n we believe that an offer for Ormonde would not be in the best interests\n of our shareholders.\n\n\nLewis Black, CEO of Almonty, stated, \"We are disappointed that Ormonde\n has refused any and all overtures Almonty has made to engage in\n dialogue with Almonty and we are unwilling to proceed in an environment\n where we have been denied access to information we believe is critical\n for our full evaluation of the Barruecopardo tungsten project.  We\n intend to drive forward with our strategy of creating value in the\n tungsten industry, both through organic growth and selective M&A and\n will continue to work with Global Tungsten & Powders Corp (\"GTP\") in identifying strategic tungsten assets where th...