Almonty Industries closes $4.8M first tranche with Almonty Chairman Lewis Black


Toronto – August 15, 2017 – Almonty Industries Inc. (“Almonty” or the “Company”) (TSXV: AII) announces that it has closed the first tranche of its previously announced financing (see press release dated August 11, 2017).

The first tranche was a subscription for 16,000,000 common shares (“Common Shares”) of the Company at a price of $0.30 for aggregate gross proceeds of $4,800,000.00 pursuant to a subscription agreement the Company entered into with Mr. Lewis Black, Almonty’s Chairman, Chief Executive Officer and President.

The second tranche, consisting of 5,175,000 Common Shares for $1,552,500, will close upon either: (i) the Company receiving the written consent of shareholders of the Company holding more than 50% 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 for purposes of the TSX Venture Exchange (“TSXV”), or (ii) the issuance of such second tranche shares to Mr. Black, when added to the Common Shares then beneficially owned, or controlled or directed, directly or indirectly, by Mr. Black, not resulting in Mr. Black becoming a “Control Person” as defined in the Corporate Finance Manual of the TSXV.

With the closing of the first tranche, Mr. Black now beneficially owns or controls or directs the voting rights in respect of 31,334,420 Common Shares, representing approximately 19.99% of the issued and outstanding Common Shares on a partially diluted basis. Assuming no further issuances of Common Shares prior to the closing of the second tranche, upon closing of such second tranche Mr. Black will hold 36,509,420 Common Shares on a partially diluted basis, representing approximately 22.55% of the issued and outstanding Common Shares.

The Common Shares issued on the first tranche are subject to a four-month hold period until December 15, 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 and under Almonty’s profile at

For further information, please contact:

Lewis Black
Chairman, President and CEO
Telephone: +1 647 438-9766

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