Woulfe Mining Corp WFEMF

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Woulfe Mining Corp is a mineral exploration company. It is engaged in the acquisition, exploration and development of mineral properties.

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Post by kilgoron Jan 28, 2015 4:21pm

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Post# 23374139

Allmonty vs. Ormond

Something to think about.....

TORONTO, Jan. 31, 2014 /CNW/ - Almonty Industries Inc. ("Almonty" or the "Company") (TSXV: AII) announces that it has entered into two unsecured debt facilities with Banca de Empresas, a subsidiary of Banco Santander Group, for CAD$ 3.8 million (the "Financing"). The funds from the Financing are intended to be used for continued evaluation of potential strategic acquisitions and investment opportunities in the tungsten industry and for advancing the development of the Valtreixal Project.

The Irish Takeover Panel imposed a deadline of January 31, 2014 for Almonty to either announce an offer for Ormonde Mining plc ("Ormonde") under Rule 2.5 of the Irish Takeover Rules or announce that it will not proceed with an offer for Ormonde. At the request of the Irish Takeover Panel, Almonty announces that it does not intend to make an offer for Ormonde. Accordingly, Almonty is bound by the restrictions under Rule 2.8 of the Irish Takeover Rules.

This decision has been made after a careful review of the information available to Almonty on Ormonde. Almonty has a number of significant concerns regarding Ormonde's Barruecopardo Project. As a result of Ormonde's unwillingness to engage in any dialogue with Almonty, it has not been possible for Almonty to address its concerns, and consequently we believe that an offer for Ormonde would not be in the best interests of our shareholders.

Lewis Black, CEO of Almonty, stated, "We are disappointed that Ormonde has refused any and all overtures Almonty has made to engage in dialogue with Almonty and we are unwilling to proceed in an environment where we have been denied access to information we believe is critical for our full evaluation of the Barruecopardo tungsten project. We intend to drive forward with our strategy of creating value in the tungsten industry, both through organic growth and selective M&A and will continue to work with Global Tungsten & Powders Corp ("GTP") in identifying strategic tungsten assets where the Almonty team can add value. Almonty is also encouraged from the results of preliminary test work carried out on the Valtreixal project and the financing will ensure that we are able to continue moving the project forward."

About Almonty

The principal business of Toronto, Canada based Almonty Industries Inc. (TSX-V: AII) is the mining, processing and shipping of tungsten concentrate from its tungsten mine at the Los Santos Project. The Los Santos Project was acquired by Almonty in September 2011. The mine was originally opened in 2008 and commissioned in July 2010 by its former owner. The Los Santos Project is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. Almonty also has an option to acquire a 100% ownership interest in the Valtreixal tin-tungsten project in north western Spain.