Almonty Industries Inc. closes $ 3.9 million financing transaction

TORONTO, November 23, 2021– (COMMERCIAL THREAD) – Almonty Industries Inc. (“Almonty“or the”Society“) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: 1MR) announces that it has completed the second tranche of its non-brokered private placement of unsecured convertible debentures with an aggregate principal amount of approximately $ 3,914,000 CA (the “Placement of Debentures“). All securities issued in connection with the Debenture Offering are subject to resale restrictions for a period of four months expiring March 23, 2023. Almonty intends to use the net proceeds of the Debenture Offering for the General working capital and financing costs of Sangdong Mine in South Korea.

Unsecured convertible debentures (the “Debentures“) will mature on October 31, 2024 and bear interest at the rate of 5% per annum, payable semi-annually. The outstanding principal amount of the debentures is convertible into Almonty common shares at the option of the holder at the average conversion rate of 1.05 CA $ per share.

About Almonty

The main activity of Almonty Industries Inc., based in Toronto, Canada, is the extraction, 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 the province of Gangwon. , South Korea and the development of the tin / tungsten Valtreixal project in northwestern Spain. The Los Santos mine was acquired by Almonty in September 2011 and is located approximately 50 kilometers from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometers 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-lived, high-grade tungsten deposits outside of China, was acquired in September 2015 by the acquisition of a 100% stake in Woulfe Mining. Corp. Almonty owns 100% of the tin-tungsten Valtreixal project in northwestern Spain. Further information on Almonty’s activities can be found at www.almonty.com and under Almonty’s profile at www.sedar.com.

Legal notice

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Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information disclaimer

When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict” , “May” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. These statements and information are based on the beliefs, estimates and opinions of management on the date the statements are made and reflect Almonty’s current expectations.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause Almonty’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements, including, but not limited to: any specific risk associated with fluctuations in the price of para-ammonium tungstate (“APT”) from which the selling price of tungsten concentrate from Almonty is derived, the actual results of mining and exploration activities, the environmental, economic and political risks of the jurisdictions in which Almonty’s operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty’s activities, credit and liquidity risks, hedging risks, competition in the mining industry, risks associated with the market price of Almonty shares, Almonty’s ability to retain key management employees or procure the services of qualified and experienced employees qualified personnel, risks associated with claims and lawsuits legal proceedings against Almonty and one of its operating mines, risks linked to unknown defects and deficiencies, risks linked to the adequacy of internal control of financial information, risks linked to government regulations, including environmental regulations, risks related to Almonty’s international operations, risks related to the exploration, development and operation of Almonty’s tungsten mines, Almonty’s ability to obtain and retain the necessary permits, the ability to Almonty to comply with applicable laws, regulations and licensing requirements, lack of appropriate infrastructure and employees to support operations. Almonty mining operations, uncertainty as to the accuracy of mineral reserves and mineral resource estimates, production estimates from Almonty mining operations, inability to replace and expand mineral reserves, uncertainties related to Indigenous title and rights to mineral properties owned directly or indirectly by Almonty, Almonty’s ability to obtain adequate financing, Almonty’s ability to obtain permits, construction, development and expansion, challenges related to global financial conditions, risks related to future sales or issuance of equity securities, differences in interpretation or application of tax laws and regulations or accounting policies and rules and acceptance by the TSX listing of Almonty shares on the TSX.

Forward-looking statements are based on what management believes to be reasonable assumptions, including, but not limited to, no material adverse changes in the market price of para tungstate ammonium (APT), the continued ability to fund or d ” secure funding for current commitments, expectations regarding resolution of legal and tax issues, no negative changes to applicable laws, ability to secure local contractors, employees and assistance when needed and at reasonable conditions, and other assumptions and factors as defined herein. Although Almonty has attempted to identify material factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that may cause results, activity level, performance or achievements not to be as expected, estimated or expected. There can be no assurance that the forward-looking statements will prove to be accurate and even if the events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the consequences or effects expected on Almonty. Therefore, readers should not place undue reliance on forward-looking statements and are cautioned that actual results may vary.

Investors are cautioned against assigning undue certainty to forward-looking statements. Almonty cautions that the foregoing list of important factors is not exhaustive. When relying on Almonty’s forward-looking statements and information in making decisions, investors and others should carefully consider the above factors as well as other uncertainties and potential events.

Almonty has also assumed that material factors will not cause forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that these assumptions will reflect the actual result of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF AMENDMENT AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT ATTACH ANY IMPORTANCE TO FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY ON SUCH INFORMATION AT ANY OTHER DATE. ALMONTY MAY MAKE THE CHOICE, SHE DOES NOT COMMIT TO UPDATING THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

View the source version on businesswire.com: https://www.businesswire.com/news/home/20211122006700/en/

Contacts

Lewis Black
President, President and Chief Executive Officer
Telephone: +1 647 438-9766
Email: [email protected]


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