ALMONTY ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT FINANCING OF APPROXIMATELY $700,000
Toronto – October 25, 2017 – Almonty Industries Inc. (“Almonty”) (TSXV: AII) announces that it has closed its previously announced private placement pursuant to which Almonty issued 1,294,462 common shares at a price of $0.54 per common share for gross proceeds to Almonty of $699,009.48 (the “Offering”).
All securities issued pursuant to the Offering are subject to resale restrictions for a period of four months and a day until February 26, 2018 as prescribed by the TSX Venture Exchange and applicable securities laws.
The Offering was completed on a non-brokered basis.
Almonty intends to use the net proceeds of the Offering for the financing of their Korean Sangdong mine and for general working capital purposes.
Lewis Black, Chairman, President and Chief Executive Officer of Almonty commented: “This financing represents the last contemplated raise prior to announcing the completion of our debt financing for our Sangdong project. In the interim we are now underway in applying to graduate from the TSX Venture Exchange to the Toronto Stock Exchange. This is to allow our U.S. shareholder base much greater market access to our stock as well as allow a number of Canadian institutions market access as we would then be a qualified investment for their books.
The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los SantosMine in western Spain and its Panasqueira mine in Portugal as well as the refurbishment of itsWolfram Camp Mine in north Queensland, Australia, the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development 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. TheWolfram CampMine was acquired by Almonty in September 2014 and is located approximately 130 kilometres west of Cairns in northern Queensland, Australia and has produced tungsten and molybdenum concentrate, although the Wolfram Camp Mine is not currently producing due to ongoing refurbishment of the processing plant. 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 Sangdongmine, 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 inWoulfe Mining Corp. Almonty owns 100% of the Valtreixal tin-tungsten project in north-western Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s profile at www.sedar.com.