Mr. Lewis Black reports
ALMONTY INDUSTRIES INC. COMPLETES FINANCING TRANSACTION OF US$2 MILLION
Almonty Industries Inc. has completed a non-brokered private placement of a secured convertible debenture in the principal amount of $2-million (U.S.). All securities issued pursuant to the debenture offering are subject to resale restrictions for a period of four months expiring on July 7, 2020. Almonty intends to use the net proceeds of the debenture offering for Sangdong mine project financing expenses and general corporate purposes.
The secured convertible debenture will mature on March 6, 2021, and bears interest at a rate of 7 per cent per annum, payable quarterly in arrears. The outstanding principal amount of the debenture is convertible into common shares of Almonty at the option of the holder at the conversion price of 50 U.S. cents (equivalent to 67 Canadian cents) per share.
About Almonty Industries Inc.
The principal business of Toronto-based Almonty Industries 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 northwestern Spain.
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