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Almonty Industries Inc. (ALMTF) is a Canadian mining company focused on tungsten projects globally. With a strong track record of successful operations, Almonty is dedicated to sustainable mining practices and community engagement. The company's core business involves the exploration, development, and production of high-quality tungsten concentrates, essential for various industrial applications. Almonty's financial stability, strategic partnerships, and commitment to innovation position it as a leader in the tungsten mining sector.
Almonty Industries has successfully closed two private placements, raising a total of US$1,579,358 from the issuance of 2,308,333 shares at prices of $0.85 and $0.90. Additionally, it secured US$8,010,642 in commitments for an unsecured 5% convertible debenture with a $1.05 strike price. This financing is part of support for the Sangdong project in South Korea. The prospectus for the ASX listing will be submitted simultaneously with the audited financials. The company emphasizes preserving value for all shareholders.
Almonty Industries Inc. has finalized the purchase agreement of 10,587,056 shares at $1.06 from Lewis Black through the Plansee Group. This deal secures a US$20m cost overrun guarantee for the Sangdong project and a US$10m non-dilutive reserve account guarantee linked to KfW IPEX Bank's loan conditions. Plansee's strategic commitment highlights the importance of reliable tungsten supply, positioning them as Almonty's largest shareholder, reinforcing their support for the Sangdong project's success.
Almonty Industries Inc. (OTCQX: ALMTF) provided a bi-weekly status update on its management cease trade order (MCTO) issued by the Ontario Securities Commission. The MCTO restricts trading for the CEO and CFO due to delays in filing audited financial statements for 2020 caused by COVID-19 complications in Portugal. Almonty expects to file the required documents by April 23, 2021. The company reassured that it is not subject to insolvency proceedings and is committed to complying with alternative information guidelines.
Almonty Industries Inc. (TSX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) has announced an extension of maturity dates for approximately $54.1 million of its debt facilities, now due at the end of Q4 2023. The financing terms remain unchanged, comprising interest-only balloon facilities. Additionally, JH Kim has been appointed as CFO for Almonty Korea Tungsten, bringing over 16 years of experience from Honeywell Korea. This extension strengthens Almonty’s balance sheet and represents lender confidence ahead of the financial closing for the Sangdong project and an upcoming ASX listing.
Almonty Industries Inc. (TSX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) has scheduled a 12,500m drilling campaign starting the week of April 12, 2021, at its Sangdong Molybdenum Project. This 6-month campaign aims to convert historical data into a NI 43-101 and JORC compliant report. Historical drilling indicates high-grade molybdenum ore reserves with grades over 0.40% MoS2 and tonnage exceeding 16.30mt. Successful confirmation would position Almonty among the largest high-grade molybdenum projects globally. The campaign will also enable valuation attribution for the Moly deposit.
Almonty Industries Inc. (TSX: AII / OTCQX: ALMTF) announced the closure of a private placement, raising funds by issuing 2,830,000 shares at CDN$0.75 each. The proceeds will cover the KFW arrangement fee for a US$75.1 million loan, with only an additional US$10.1 million needed for project completion. Orders for key machinery, including a primary crusher and a SAG mill, were placed with Metso/Outotec, with delivery expected in 11 months. The company anticipates financial closure in March, coinciding with its Australian listing.
Almonty Industries Inc. (TSX: AII / OTCQX: ALMTF) has started the application process for secondary listing on the Australian Stock Exchange (ASX), expected to be effective by April 2021. Chairman Lewis Black highlighted significant market interest in Australian industrial metals, particularly the Sangdong Tungsten and Moly projects. The ASX listing aims to enhance liquidity and stock value while facilitating Almonty's transition into Asian markets. Almonty's operations focus on tungsten mining and processing, with key projects in Spain and South Korea.
Almonty Industries Inc. (AII, ALMTF) announces significant leadership changes as it shifts focus to Korea and Asian markets, effective February 1, 2021. New Board member James Kim, a seasoned executive with experience from GM Korea and Microsoft, and John Yi, former President of Raytheon Korea, join the team. Chairman Lewis Black highlights these appointments as pivotal for corporate restructuring aimed at enhancing Almonty’s market presence in Korea, the largest tungsten consumer per capita. This transition aligns with the completion of a KfW-IPEX loan, positioning Almonty for growth in the tungsten and molybdenum sectors.
Almonty Industries has successfully completed a non-brokered private placement, raising US$1,201,000 (CDN$1,537,688) by issuing 2,050,251 shares at CDN$0.75 each, a 17% premium over the current market price. The funds will support legal and closing costs for a US$75.1 million loan from KfW-IPEX Bank. Key shareholders, including CEO Lewis Black and Deutsche Rohstoff AG, participated in this funding round, indicating strong confidence in the company's growth trajectory, particularly in the strategic commodity sector.
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