Business
Almonty Industries Inc. announces it has entered into a Memorandum of Understanding with Global Tungsten & Powders Corp. for up to US$20.0 million in financing and an off-take commitment for its next tungsten project
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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\n/THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM\n INTENTION TO MAKE AN OFFER UNDER THE IRISH TAKEOVER RULES/\n\n\nTORONTO, Dec. 11, 2013 /CNW/ - Almonty Industries Inc. (\"Almonty\" or the\n \"Company\") (TSXV: AII) announces that it has entered into a Memorandum\n of Understanding ( the \"MOU\") with Global Tungsten & Powders Corp. (\"GTP\") for up to US$20.0 million in financing ( the \"Financing\") for the acquisition/build-out of, and an off-take commitment ( the \"Off-Take Commitment\") for a portion of the output of, Almonty's next tungsten project. \n Almonty is currently evaluating several potential tungsten mining\n projects that are at various stages of due diligence.  No definitive\n agreements have been reached on any of the opportunities currently\n being evaluated by Almonty.  Definitive terms of the Financing and\n Off-Take Commitment will be finalized once Almonty has reached a\n definitive agreement to acquire its next tungsten mining project.\n\n\nLewis Black, Chief Executive Officer of Almonty commented, \"We are\n pleased to have been able to have reached an understanding with GTP,\n one of the world's largest consumers of tungsten concentrate, with\n respect its willingness to back Almonty with up to $20.0 million in\n financing and a commitment to purchase a portion of the output of the\n next tungsten mine Almonty brings into production.  This MOU and\n Off-Take Commitment demonstrates GTP's faith in the Almonty team's\n ability to deliver reliable sources of tungsten concentrate supply from\n current and future projects.  Almonty looks forward to partnering with\n GTP on the next tungsten mining project we bring into production.\"\n\n\nAbout Almonty\n\n\nThe principal business of Toronto, Canada based Almonty Industries Inc.\n (TSX-V: AII) is the mining, processing and shipping of tungsten\n concentrate from its tungsten mine at the Los Santos Project.  The Los\n Santos Project was acquired by Almonty in September 2011.  The mine was\n originally opened in 2...