CEO Lewis Black only subscriber/Tungsten-APT further increases
Mannheim/Toronto. Almonty Industries announced today that it has entered into a subscription agreement for USD 5 million (CAD 6.325 million) at a price of CAD 0.30 per share. Only subscriber will be the CEO of the company, Mr Lewis Black. He will receive approximately 21 million shares, which equals to 13.4 % of the share capital. The subscription price includes a premium of 33 % to the closing price as at 10 August 2017.
The price for tungsten APT in Europe significantly increased over the last few weeks. It was fixed at a two year high last Friday within a range of USD 240-248 per MTU. Compared to the low in 2016 APT has moved up by around 50 %.
Thomas Gutschlag, CEO of Deutsche Rohstoff and board member of Almonty commented: “The Private Placement demonstrates the confidence that Mr Black has in the future of Almonty. The increase of APT prices to a two-year high reflects the improved fundamentals of the market. I am confident that Almonty, as one of the few remaining producers outside China, will be one of the winners of the crises the tungsten market has been seen over the last few years. Almonty will now focus on the development of the Sangdong mine, which represents the core of its future production.”
A detailed press release can be found on www.almonty.com
Mannheim, 11 August 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.