Business
Almonty Industries Inc. confirms that it has approached Ormonde Mining plc and is considering its options
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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\nTORONTO, Aug. 9, 2013 /CNW/ - Almonty Industries Inc. (\"Almonty\") (TSXV:\n AII) confirms that it has made an approach to acquire Ormonde Mining\n plc (\"Ormonde\") (AIM: ORM) in a share exchange transaction.  The\n approach was rejected by the Ormonde board of directors without\n engaging with Almonty regarding the merits of the transaction.  Almonty\n is considering its various options regarding Ormonde.\n\n\nLewis Black, Chief Executive Officer of Almonty, commented, \"We are\n disappointed that the Board and Management of Ormonde did not engage\n with us to discuss our approach. We believe there is a very compelling\n business rationale for combining the two companies and it would unlock\n tremendous value for both Almonty and Ormonde shareholders.  Almonty is\n continuing to evaluate its options regarding Ormonde over the coming\n weeks.\"\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 2008 and commissioned in July 2010 by its former\n owner.  The Los Santos Project is located approximately 50 kilometres\n from Salamanca in western Spain and produces tungsten concentrate.\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\n that term is defined in the policies of the TSX Venture Exchange)\n accepts responsibility for the adequacy or accuracy of this release.\n\n\nDisclaimer for Forward-Looking Information\n\n\nWhen used in this press release, the words \"estimate\", \"project\",\n \"belief\", \"anticipate\", \"intend\", \"expect\", \"plan\", \"predict\", \"may\" or\n \"should\" and the negative of these words or such variations thereon or\n comparable terminology are intended to identify forward-looking\n statements and information. This press release contains forward-looking\n statements and information including, without limitation, considering\n its various options. These statements and information are based on\n management's beliefs, estimates and opinions on the date that\n statements ar...