Business
Almonty Industries Inc. announces its intention to renew its Normal Course Issuer Bid
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About this update from Almonty Industries Inc.
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, Dec. 22, 2014 /CNW/ - Almonty Industries Inc. (\"Almonty\" or the \"Company\") (TSXV: AII) announces that it intends to renew its Normal Course Issuer Bid (the \"Bid\"), subject to the approval of the TSX Venture Exchange (\"TSXV\").  The Company intends to purchase, from time to time, as it considers advisable, up to 1,431,007 common shares (which is equal to 2.9% of the outstanding common shares) on the open market through the facilities of the TSXV or any other means that may be approved by the TSXV.  The price that Almonty will pay for any common share under the Bid will be the prevailing market price on the TSXV at the time of such purchase.  Common shares acquired under the Bid will be subsequently cancelled.  Almonty currently has 48,987,491 common shares outstanding.  The Company has appointed Integral Wealth Securities Limited to act as its broker through which the Bid will be conducted.\n\nThe Bid is expected to commence on December 29, 2014 and will terminate on December 28, 2015 or such earlier time as the Bid is completed or terminated at the option of Almonty.  A copy of the Form 5G – Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSXV can be obtained from the Company upon request without charge.\n\nThe Company is commencing the Bid because it believes that, from time to time, the market price of its Common Shares may not properly reflect the underlying, intrinsic value of Almonty, and that, at such times, the purchase of Common Shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.\n\nAlmonty previously repurchased 266,200 shares under the Company's previously announced Normal Course Issuer Bid that expired on December 19th, 2014.\n\nAbout Almonty\n\nThe principal business of Toronto, Canada based Almonty Industries Inc. (TSX-V: AII) is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain and its Wolfram Camp Mine in north Queensland, Australia. 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 Wolf...