Completion of the merger of Almonty and Woulfe/Total financing CAD 7,78 million
Heidelberg/Toronto. Almonty Industries announced today that the merger with Woulfe Mining has been completed successfully. At the same time, Almonty concluded a financing of CAD 7.78 million. Within the frame of this financing, Deutsche Rohstoff AG signed a convertible debenture in the amount of CAD 4 million with a period of 2 years and an interest rate of 5%. The conversion price is CAD 0.81. Deutsche Rohstoff may convert at any time, Almonty only if a further equity financing in the amount of not less than CAD 22.5 million has been completed. As a security, Almonty pledges the shares of Woulfe Mining to Deutsche Rohstoff AG. In addition, Deusche Rohstoff is granted the right to position a member to the Board of Directors of Almonty. Thomas Gutschlag, CEO of Deutsche Rohstoff, will take over this position.
Lewis Black, President and CEO of Almonty, said: „We are pleased to have reached this milestone and continue to believe that the marriage of Woulfe’s flagship Sangdong tungsten project to Almonty’s existing portfolio of producing assets will benefit all of Almonty’s shareholders. This acquisition furthers our goal of becoming the leading producer of tungsten concentrate outside of China with assets located in secure, mining friendly, jurisdictions. The merger provides investors with an ideal way to gain broader exposure to the tungsten sector and strategically positions the Company to benefit from the expected upturn in the commodity price.“
A detailed press release can be found on Almonty’s homepage or via this link: Press release Almonty.
Heidelberg, 11 September 2015
Deutsche Rohstoff identifies, develops and divests attractive resource projects in North America, Australia and Europe. The focus is on the development of oil and gas opportunities within the United States. Metals, such as gold, copper, rare earth elements, tungsten and tin complete our portfolio. For more information please visit www.rohstoff.de.