Almonty launches $15M public offering of common shares

Almonty Industries Inc. (NASDAQ: ALM) announced a public offering of 15 million common shares in the United States. The tungsten concentrate producer also granted underwriters an option to purchase up to an additional 2.25 million shares.

The company filed a preliminary prospectus supplement with securities regulatory authorities in Ontario, Alberta and British Columbia, as well as with the U.S. Securities and Exchange Commission under the Canada/United States Multi-Jurisdictional Disclosure System.

Almonty intends to use net proceeds to fund exploration and development work at the Gentung Browns Lake Tungsten Project, expansion work at the Panasqueira Mine, exploration work at the Sangdong Molybdenum Project and for working capital and general corporate purposes.

BofA Securities Inc. serves as sole bookrunning manager for the offering. The company stated the offering will be priced in the context of the market, with final terms to be determined at the time of pricing.

The offering remains subject to market conditions and customary closing conditions. The company noted no assurance can be provided regarding whether or when the offering may be completed, or the actual size or terms.

Almonty operates tungsten production facilities and has projects in South Korea, Portugal, the United States and Spain. The company trades on NASDAQ, Toronto Stock Exchange, Australian Securities Exchange and Frankfurt Stock Exchange under various ticker symbols.

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