Source: Almonty Industries
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • 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 Online

Week 13 Wrap: Easter bunny delivers new all time high for ASX200

Another week, another all time high. The ASX200 clocked 7,901pts on Thursday for the first time…
The Market Online Video

Market Close: Green lights up on ASX for Easter hunt go

The ASX200 closed the day in record territory - nearly a per cent up with every…

Market shrugs as Fisher & Paykel announces mass recall

Fisher & Paykel has initiated a voluntary limited recall of batches of Airvo 1 and my…
The Market Online Video

Market Update: ASX glows red hot with another hit record

The ASX200 is trading up, hitting a new high of 7901 point and eclipsing the last…