Almonty Industries closes $1.55M 2nd tranche financing with Lewis Black

News Release

ALMONTY CLOSES SECOND TRANCHE OF ITS NON-BROKERED PRIVATE PLACEMENT FINANCING FOR PROCEEDS OF CAD$1,552,500

Toronto – August 17, 2017 – Almonty Industries Inc. (“Almonty” or the “Company”) (TSXV: AII) announces that it has closed the second tranche of its previously announced financing (see press release dated August 11, 2017).

The second tranche was a subscription for 5,175,000 common shares (“Common Shares”) of the Company at a price of $0.30 for aggregate gross proceeds of $1,552,500 pursuant to a subscription agreement the Company entered into with Mr. Lewis Black, Almonty’s Chairman, Chief Executive Officer and President. The total amount subscribed for by Mr. Black pursuant to the two tranches under the subscription agreement was 21,175,000 Common Shares for an aggregate subscription price of $6,352,500.

The Company satisfied the condition to the second tranche closing by receiving the written consent of shareholders of the Company holding 53.4% of the issued and outstanding Common Shares (excluding any Common Shares beneficially owned, or controlled or directed, directly or indirectly, by Mr. Black) to the creation of Mr. Black as a “Control Person” of the Company, as required by the Corporate Finance Manual of the TSX Venture Exchange (“TSXV”).

With the closing of the second tranche, Mr. Black now beneficially owns or controls or directs the voting rights in respect of 36,509,420 Common Shares, representing approximately 22.55% of the issued and outstanding Common Shares on a partially diluted basis.

The Common Shares issued on the second tranche are subject to a four-month hold period until December 19, 2017 as prescribed by the TSXV and applicable securities laws.

Almonty intends to use the proceeds of the Private Placement for the equity portion of the development financing necessary for the Sangdong Project and for general working capital purposes.

About Almonty

The principal business of Almonty is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain, its Wolfram Camp Mine in north Queensland, Australia and its Panasqueira mine in Portugal as well as the development of the Sangdong tungsten mine in Gangwon Province, Korea and 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 Wolfram Camp Mine was acquired by Almonty in September 2014 and is located approximately 130 kilometres west of Cairns in northern Queensland, Australia and produces tungsten and molybdenum 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 the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty owns 100% of the Valtreixal tin-tungsten project in northwestern Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s profile at www.sedar.com.

For further information, please contact:

Almonty
Lewis Black
Chairman, President and CEO
Telephone: +1 647 438-9766
Email: lewis.black@almonty.com

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