Mannheim/Toronto. Almonty Industries today announces that it issued a second USD 1 million promissory note to Deutsche Rohstoff AG. The note carries an interest rate of 6% and is due 1 January 2019. Interest is payable on a half-yearly basis in cash or shares at the option of Almonty. The secured loan will be paid out in two tranches in January and March 2017. Furthermore, Deutsche Rohstoff and Almonty agreed to extend the maturity of the initial USD 1 million note, originally due 1 January 2017, to 1 January 2019.
Almonty also published 2016 full year financial statements. The company generated revenues of CAD 37.3 million. The total loss for the year amounts to CAD 21.2 million while the companies mining operations before depreciation and impairment remain profitable despite the current long term low of tungsten prices. In the fourth quarter the company achieved a profit of mining operations before non-cash impairments and inventory write downs of CAD 3.5 million.
Further details and the full release can be found here.
Mannheim, 31 January 2017
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.