Closing of non-brokered private placement totalling CAD 3.2 million
Heidelberg/Denver. Almonty Industries (DRAG share 13.2%) announced today that it has reached an agreement with TaeguTec Ltd. for an extension to December 31, 2016 of the existing indebtedness of Almonty Korea Tungsten (formerly Sangdong Mining Corp.) to TaeguTec (in the outstanding principal amount of approximately CAD$6.33 million) previously due on March 31, 2016.
Further, Almonty was successful in raising CAD 3,214,860 through a non-brokered private placement, issuing 12,859,440 units at a price of CAD 0.25 per unit. Each unit consists of one common share and one half of a common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share of Almonty for $0.30 for a period of up to two years after closing.
Thomas Gutschlag, CEO of Deutsche Rohstoff comments: “Both, the extension of the loan agreement as well as the successful capital raise demonstrate the ability of Almonty to pursue its expansion strategy despite the currently adverse market conditions. The development projects remain on schedule. We expect them to add low cost production capacity to Almonty just in time when price and demand for tungsten are forecasted to recover.”
Detailed press releases and resource updates can be found on Almonty’s website http://www.almonty.com/.
Heidelberg, 1 April 2016
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.