Almonty Announces TSX Approval of Normal Course Issuer Bid
Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) today announced
that it has filed with the Toronto Stock Exchange (the “TSX”), and the TSX has accepted, a notice of intention of the
Company to make a normal course issuer bid (the “NCIB”) permitting Almonty to purchase for cancellation up to 9,072,094
common shares (“Shares”) over a 12-month period, representing approximately 5% of the Shares outstanding as of March 11,
2019.
The NCIB is expected to commence on March 22, 2019 and terminate on March 21, 2020, or such earlier date on which purchases
under the NCIB have been completed. Purchases of Shares under the NCIB will be made through the facilities of the TSX or
alternative Canadian trading systems at the market price of the Shares at the time of acquisition. The average daily trading volume
of the Shares on the TSX for the last six months is 29,470 Shares. The maximum number of Shares that may be purchased on a daily
basis, subject to any approved exceptions, will be 7,367 Shares. Shares purchased under the NCIB will be cancelled. During the last
twelve months, the Company purchased 471,000 Shares for cancellation at a volume weighted average price of $0.4727 per Share under
a normal course issuer bid through the facilities of the TSX Venture Exchange, which was for a maximum of 7,331,011 Shares and
which expired on June 1, 2018.
Almonty has entered into an automatic share purchase plan with a broker in connection with the NCIB to allow for the purchase of
Shares during certain pre-determined blackout periods. Outside of these pre-determined blackout periods, Shares will be purchased
at the discretion of senior management of Almonty.
Almonty believes that the Shares may from time to time trade in a price range that does not adequately reflect the value of the
Shares in relation to the Company’s activities and future prospects. As a result, Almonty believes that the purchase of Shares,
from to time, would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.
About Almonty
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.
Legal Notice
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore
persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and
observe such restrictions.
Disclaimer for Forward-Looking Statements
Certain statements in this press release constitute “forward-looking” statements that involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance, objectives or achievements of the Company, or
industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied
by such forward-looking statements. Such statements relate to, among other things, the Company’s intention to purchase Shares
pursuant to the NCIB, the Company’s belief that the Shares may from time to time be undervalued and that purchases of Shares under
the NCIB will provide benefits to shareholders. These statements reflect the Company’s current views regarding future events and
operating performance, are based on information currently available to the Company, and speak only as of the date of this press
release. Although the Company believes that the expectations and assumptions reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on these forward-looking statements, which are not guarantees and are subject to
certain risks, uncertainties and assumptions, which may cause actual performance and financial results to differ materially from
such forward-looking statements. The forward-looking statements included in this press release are made only at the date of this
press release and, except as required by applicable securities laws, the Company does not undertake to publicly update such
forward-looking statements to reflect new information, future events or otherwise.
Lewis Black
Chairman, President and CEO
Telephone: +1 647-438-9766
E-mail: info@almonty.com
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