Almonty Industries Inc T.AII

News

[chizzles]

Successful Placement of CDI’s raises A$2.0 million Toronto – 23 January 2023 - Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that the Company has received firm commitments, primarily from existing Australian institutional investors who requested to increase their stake in the Company, to raise gross proceeds of A$2.0 million via the issue of 2.5 million Chess Depository Interests (“CDIs”) at A$0.80 per CDI (“Placement”). Each Placement participant will be issued with one (1) free unlisted option for every one (1) CDI issued, exercisable at A$1.25 with an expiry date of 31 December 2024 (“Options”). Proceeds from the Placement will be applied towards general working capital and offer costs. The issue price of A$0.80 is a 11.1% discount to the last price of Almonty on 20 January 2023 of A$0.90. The Placement CDI’s and Options are expected to settle on or about Monday 30 January 2023. The Placement CDI’s issued will rank equally with existing CDI’s and Common Shares on issue. The closing of the Placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSX and ASX. Lazarus Corporate Finance Pty Ltd acted as Lead Manager to the Placement and will be paid a total fee of 6% of the gross proceeds raised in the Placement. Almonty Director Mr Andrew Frazer is also the managing director of Lazarus, the Lead Manager for the Placement.

[chizzles]

I am surprised that this wasn't released today here in North America (stockwatch, stockhouse, etc). It is significant news and it is even written as "Toronto, Jan 23". Usually whenever there is a NR on the ASX, it is released here the following day.

[whoisyourpapa]

That is wierd but it probably will come out at some point either later today or tomorrow.  The financing is even subject to TSX approval. . . whois

[chizzles]

MAybe one of you understands this more than I do, but for what reason did we need to raise $2 million AUD for general working capital when we have only used $26.7 out of $75.1 million? Couldn't we have just used that? And isn't that for things like general working capital?

[Tungride]

Good question... maybe the Loan has working capital or debt to equity covenants that need to be maintained?

[GastownGuy]

this is not the only additional raise the company has done. if you take the time to go through the news releases of the past few years and add up all the different financings you will be surprised. it is very difficult to understand how this company operates. a tungsten mining company that never talks about its mining operations. never. all we get are the financials. nothing about grades

[lonade]

@GastownGuy   they dont need to provide more information. the strength of the share structure is also the dilemna of “outsiders” major part of the shares are held by insiders, management, partners etc...., and get all the information they need to stay quiet/content.   Lewis, Daniel, Almonty Partners,Mark control around 13% Deutsche Rohstoff (Thomas Gutschlag on the board) own

[GastownGuy]

thanks for the post lonade. I am committed to seeing this through until the Korean mine starts producing again. I have no doubt about the role of tungsten in futere tech and economy. the wait of course has been much longer than expected

[QuarterDollar]

GtG... you said it. I was hoping what is happening now occured 10 years ago.