Business
Proposed Extension of Warrants
TORONTO / Feb 17, 2023 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) announces th
About this update from Almonty Industries Inc.
[{"type":"text","content":"TORONTO / Feb 17, 2023 / Business Wire / Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) announces that it plans to extend, in the aggregate, the term of 700,000 outstanding warrants by one year. The warrants are due to expire on February 19, 2023, and the Company will make an application to extend the expiry date of those warrants to February 19, 2024. During December 2019 through February 2020, the Company conducted a private placement whereby it closed, in three tranches, 2,047,244 units of which consisted of 2,047,244 shares and 2,047,244 share purchase warrants, exercisable at a price of $0.75 per share with a three year term. Of the 2,047,244 warrants issued, 1,020,000 expired, 327,244 were exercised and 700,000 remain outstanding which are due to expire on February 19, 2023. Of the 327,244 warrants exercised, 47,244 were recently exercised by Lewis Black, CEO of the Company. The remaining 700,000 warrants are held by insiders of the Company. The extension of the warrants is subject to Toronto Stock Exchange and shareholder approval. The amendment of the warrants to insiders may be 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 would 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 number of warrants being amended by insiders will not exceed 25% of the fair market value of the Company’s market capitalization. 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 ...