Business
Almonty Industries: Successful Placement of CDIs Following Approach by Institutional Investor
TORONTO / Feb 22, 2022 / 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 / Feb 22, 2022 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that following the recent announcement in relation to the imminent drawdown of the KfW loan to fund construction of the Sangdong Tungsten Mine (refer ASX / TSX announcement 7 February 2022), the Company has been approached and received firm commitments from an institutional investor who wanted to increase their stake in Almonty, to raise gross proceeds of A$1.5 million via the issue of 1.5 million Chess Depository Interests (“CDIs”) at A$1.00 per CDI (“Placement”). Proceeds from the Placement will be applied towards the payment of various financing fees to enable the drawdown of the KfW US$75.1 million loan facility and general working capital. The issue price of A$1.00 is Almonty’s last traded price on ASX on 18 February 2022. The Placement CDIs are expected to settle on Monday 28 February 2022. The Placement CDIs issued under the Placement will rank equally with existing CDIs and Common Shares on issue. The closing of the Placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSX and ASX. Lazarus 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 in the Placement. Current Almonty Director Mr Andrew Frazer is also the managing director of Lazarus, the Lead Manager for the Placement. 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 Panasqueira mine in Portugal as well as the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development of the Valtreixal tin/tungsten project in north western Spain. 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 Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of...