Almonty Industries Inc. (“Almonty”) (TSXV:AII) announces that it
anticipates a delay in filing its annual financial statements,
management’s discussion and analysis and related officer certifications
for the financial year ended September 30, 2015 (collectively, the “Required
Filings”) which are required to be filed on or before January 28,
2016. Almonty completed the acquisition of 100% of the securities of
Wolfram Camp Mining Pty Ltd. and Tropical Metals Pty Ltd. (the “Australian
Subsidiaries”), which collectively own 100% of the Wolfram Camp
tungsten and molybdenum mine in Queensland, Australia, on September 22,
2014. Consequently, the year ended September 30, 2015 was the first full
year in which Almonty has been required to include financial results
from the Australian Subsidiaries and it has experienced certain delays
in compiling and processing such information, which has resulted in
unforeseen delays in completing the company’s filing materials.
Almonty is continuing to work through the outstanding items to complete
the Required Filings and expects to file by February 3, 2016.
In connection with the anticipated delay in filing, Almonty has applied
to the applicable Canadian securities regulators for the issuance of a
management cease trade order which would restrict all trading in
securities of Almonty by the Corporation’s Chief Executive Officer and
Chief Financial Officer.
The Corporation intends to satisfy the provisions of the alternative
information guidelines set out in sections 4.3 and 4.4 of National
Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults
so long as the Required Filings remain outstanding. The Corporation
confirms as of the date of this news release that there is no insolvency
proceeding against it and there is no other material information
concerning the affairs of the Corporation that has not been generally
disclosed.
About Almonty Industries Inc.
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 its Wolfram Camp Mine in north
Queensland, Australia, its Panasqueira Mine in Portugal as well as the
development of the Sangdong tungsten mine in Gangwon Province, Korea and
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 Wolfram Camp Mine was acquired by Almonty in
September 2014 and is located approximately 130 kilometres west of
Cairns in northern Queensland, Australia and produces tungsten and
molybdenum 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 also has an option to acquire a 100% ownership interest in the
Valtreixal tin-tungsten project in northwestern Spain. Further
information about Almonty’s activities may be found at www.almonty.com
and under Almonty’s profile at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
When used in this press release, the words “anticipate”, “expects”,
“intends”, “which would”, “has applied” or comparable terminology are
intended to identify forward-looking statements and information. This
press release contains forward-looking statements and information. These
statements and information are based on management’s beliefs, estimates
and opinions on the date that statements are made and reflect Almonty’s
current expectations. Forward-looking statements in this news release
include management’s expectations as to the date by which Almonty will
file the Required Filings as well as its application to the securities
regulator for a management cease trade order in connection with the
potential late filing of the Required Filings. Such statements and
information reflect the current view of Almonty with respect to risks
and uncertainties that may cause actual results to differ materially
from those contemplated in those forward-looking statements and
information. By their nature, forward-looking statements involve known
and unknown risks, uncertainties and other factors and assumptions which
may cause actual results to be materially different from any future
results expressed or implied by such forward-looking statements.
Investors are cautioned against attributing undue certainty to
forward-looking statements. When relying on Almonty’s forward-looking
statements and information to make decisions, investors and others
should carefully consider the foregoing factors and other uncertainties
and potential events. There can be no assurances that any assumptions
made by Almonty will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS
SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND
SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE
ALMONTY MAY SO ELECT, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION
AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
LAWS.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160127006162/en/
Copyright Business Wire 2016