Almonty Industries (AII-V) Its Intention to Initiate a Normal Course Issuer Bid
Nov 9, '17 - NR
Almonty Industries announces that it intends to initiate a Normal Course Issuer Bid (the “Bid”), subject to the approval of the TSX Venture Exchange (“TSXV”). The Company intends to purchase, from time to time, as it considers advisable, up to 7,331,011 common shares (which is equal to 4.3% of the outstanding common shares) on the open market through the facilities of the TSXV or any other means that may be approved by the TSXV. The price that Almonty will pay for any common share under the Bid will be the prevailing market price on the TSXV at the time of such purchase. Common shares acquired under the Bid will be subsequently cancelled. Almonty currently has 169,302,805 common shares outstanding. The Company has appointed Integral Wealth Securities Limited to act as its broker through which the Bid will be conducted.
The Bid is expected to commence on November 15, 2017 and will terminate on November 14, 2018 or such earlier time as the Bid is completed or terminated at the option of Almonty. A copy of the Form 5G – Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSXV can be obtained from the Company upon request without charge.
The Company is commencing the Bid because it believes that, from time to time, the market price of its Common Shares may not properly reflect the underlying, intrinsic value of Almonty, and that, at such times, the purchase of Common Shares for cancellation will increase the proportionate interest of, and be advantageous to, all 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 refurbishment of its Wolfram Camp Mine in north Queensland, Australia, the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development 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 has produced tungsten and molybdenum concentrate, although the Wolfram Camp Mine is not currently producing due to ongoing refurbishment of the processing plant. 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.
For further information please contact:
Lewis Black, Chairman, President & CEO
Telephone: (647) 438-9766
Email: Info@almonty.com |
