Almonty Industries Inc. Completes Financing Transaction Of $3.9 Million
11/23/21, 12:28 AM
Location
torontoAlmonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: 1MR) announces it has completed the second tranche of its non-brokered private placement of unsecured convertible debentures in the aggregate approximate principal amount of CDN$3,914,000 (the “Debenture Offering”). All securities issued pursuant to the Debenture Offering are subject to resale restrictions for a period of four months expiring on March 23, 2023. Almonty intends to use the net proceeds of the Debenture Offering for general working capital and financing costs of the Sangdong Mine in South Korea.
Company Info
Location
toronto, ontario, canada
Additional Info
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 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 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.