Business
Almonty Industries Placement of Common Share Units and CDI’s raises C$500,000, US$733,333 and A$550,000
TORONTO / Oct 06, 2023 / 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 / Oct 06, 2023 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that the Company has received firm commitments to raise gross proceeds of C$500,000, US$733,333 and A$550,000 via the issuance of 3,333,333 Placement Units and 1,078,433 million Placement Chess Depository Interests Units (“CDIs”) at C$0.45 per Placement Unit, US$0.33 per Placement Unit and A0.51 per CDI Unit (“Placement”). Each Placement Unit participant will be issued one warrant for every common share issued (“Warrants”) and one free unlisted option for every one CDI issued (“Options), exercisable at C$0.60, US$0.45 and A$0.69, respectively, with an expiry date of 36 months from the date of closing. Lewis Black, the Company’s CEO will be investing C$500,000 and Dan D’Amato, a director of the Company, will be investing US$366,666.63 towards the Placement Units to be issued. Proceeds from the Placement will be applied towards general working capital and offer costs. The Placement Units and Placement CDI’s issued will rank equally with existing CDI’s and Common Shares on issue. Lewis Black, CEO of the Company, and Daniel D’Amato, a Director of the Company, will be subscribing for Units in the Private Placement. As such, the issuance of Units to insiders pursuant to the Private Placement is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). As such, the Company will rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Private Placement by insiders will not exceed 25% of the fair market value of the Company’s market capitalization. The closing of the Placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSX and ASX. RM Corporate Finance Pty Ltd acted as Lead Manager to the Placement and will be paid a total fee of 6% of the gross proceeds raised from the Placement CDIs. About Almonty The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain and its ...