Source: Almonty Industries
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Almonty Industries (AII) successfully closes a $2.12 million private placement with its third-largest shareholder, Deutsche Rohstoff
  • The company issued over 2.4 million chess depository interests (CDIs) at 85 cents each
  • Funds from the placement will be used for general working capital prior to the drawdown of the KfW-IPEX Bank finance facility
  • Almonty is focused on rebuilding the Sangdong tungsten mine in South Korea, and to do so, is aiming to secure a US$75.1 million (A$104 million) loan from the German bank
  • On market close, AII shares are in the grey and trading at 90 cents each

Almonty Industries (AII) has successfully closed a $2.12 million private placement with its third-largest shareholder, Deutsche Rohstoff.

The company issued over 2.4 million chess depository interests (CDIs) at 85 cents each.

Funds from the placement will be used for general working capital prior to the drawdown of the KfW-IPEX Bank finance facility.

Almonty is focused on rebuilding the Sangdong tungsten mine in South Korea, and to do so, is aiming to secure a US$75.1 million (A$104 million) loan from a German bank, KfW IPEX-Bank.

Sangdong is one of the largest tungsten mines in the world.

The placement CDI’s are expecting to be settled on or around June 7.

Lazarus Corporate Finance acted as lead manager to the placement and will be paid a total fee of six per cent of the gross proceeds raised in the placement.

Earlier this year, the company raised US$3.3 million in a private placement to company directors and existing shareholders.

The company issued over 2.8 million common shares at C 94 cents (A$1.05) per share and over 1.4 million units at US 70 cents.

On market close, AII shares were in the grey and trading at 90 cents each.

AII by the numbers
More From The Market Herald
The Market Herald Video

" Inca Minerals (ASX:ICG) announces Adam Taylor as Chairman, restructures board

Inca Minerals (ASX:ICG) yesterday announced a restructure to its board, with Adam Taylor appointed as Chairman.

" Anson Resources (ASX:ASN) expedites resource upgrade at Paradox, US

Anson Resource (ASX:ASN) announces plans to expedite its JORC Resource upgrade at the Paradox lithium project…
The Market Herald Video

" CI Resources (ASX:CII) buys 60pc interest in Singapore fertiliser trader for $4.4m

Phosphate specialist CI Resources (ASX:CII) has officially completed its $4.4 million purchase of a 60 per…
The Market Herald Video

" Paradigm Biopharmaceuticals (ASX:PAR) activates first UK site for phase three clinical trial

Paradigm Biopharmaceuticals (ASX:PAR) has activated its first trial site in the United Kingdom for a third-phase…