TORONTO – (BUSINESS WIRE) – Almonty Industries Inc. (“Almonty”) (TSX: AII / OTCQX: ALMTF / Frankfurt: ALI.F) is happy to announce that the maturity dates of roughly $ 54.1 million of all of its credit score have been prolonged. Most of that $ 54.1 million now matures on the finish of the fourth quarter of 2023. The present phrases of the entire $ 54.1 million credit score amenities have remained the identical as earlier than, that are interest-only credit score amenities.
The corporate can also be happy to announce the appointment of JH Kim as Chief Monetary Officer at Almonty Korea Tungsten, the corporate’s wholly owned subsidiary in South Korea. Mr. Kim has over 16 years of expertise as CFO for world manufacturing firm Honeywell Korea and Honeywell Analytics Asia Pacific.
Lewis Black, Chairman and CEO of Almonty, stated:
“Because the final step earlier than the monetary shut of our Sangdong challenge, we’ve got now efficiently prolonged our long-term debt. This has significantly strengthened our steadiness sheet and prepares the corporate for the following stage of its improvement. That is additionally an necessary step in the direction of our ASX itemizing, however most significantly, it’s a normal endorsement of the corporate by all of our lenders who’ve been instrumental in bringing the corporate to this stage. The truth that they’re prepared to increase the maturities to this point past the commissioning of Sangdong with none change within the mortgage phrases demonstrates their absolute confidence within the prospects of the corporate sooner or later.
I’d additionally wish to welcome JH to the corporate as our new CFO for Almonty Korea Tungsten. As beforehand reported, the corporate continues to evolve its group additional to Korea and JH brings a wealth of expertise from his time at Honeywell. As development after which operations will start shortly, you will need to proceed constructing the group in Korea as Almonty Industries grows into a way more Korea-centric entity. ”
The principle exercise of Almonty Industries Inc., primarily based in Toronto, Canada, is the extraction, processing and transport of tungsten focus from its Los Santos mine in western Spain and its Panasqueira mine. in Portugal in addition to the event of its Sangdong tungsten mine within the province of Gangwon. , South Korea and the event of the tin / tungsten Valtreixal challenge in northwestern Spain. The Los Santos mine was acquired by Almonty in September 2011 and is positioned roughly 50 kilometers from Salamanca in western Spain and produces tungsten focus. The Panasqueira mine, in manufacturing since 1896, positioned roughly 260 kilometers northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten focus. The Sangdong mine, which was traditionally one of many largest tungsten mines on this planet and one of many few long-lived high-grade tungsten deposits exterior of China, was acquired in September 2015 by the ‘acquisition of a 100% stake in Woulfe Mining Corp. Almonty owns 100% of the tin-tungsten Valtreixal challenge in northwestern Spain. Yow will discover extra data on Almonty’s actions at www.almonty.com and underneath Almonty’s SEDAR profile at www.sedar.com.
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Disclaimer relating to forward-looking data
When used on this press launch, the phrases “estimate”, “plan”, “imagine”, “anticipate”, “intend”, “count on”, “plan”, “anticipate”, “Could” or “ought to” and the negation of those phrases or such variations or comparable terminology is meant to determine forward-looking statements and data. This press launch comprises forward-looking statements. These statements and data are primarily based on the beliefs, estimates and opinions of administration on the date the statements are made and mirror Almonty’s present expectations.
Ahead-looking statements are topic to identified and unknown dangers, uncertainties and different components that will trigger Almonty’s precise outcomes, stage of exercise, efficiency or achievements to vary materially from these expressed or implied by these forward-looking statements, together with however not restricted to: the precise dangers related to fluctuations within the value of para-ammonium tungstate from which the promoting value of Almonty tungsten focus is derived, the precise outcomes of mining actions and exploration, environmental, financial and political dangers of the jurisdictions during which Almonty’s actions are positioned and modifications in challenge parameters as plans proceed to be refined, forecasts and assessments referring to the exercise of Almonty, credit score and liquidity dangers, hedging threat, competitors within the mining trade, dangers related to pr ix marketplace for Almonty shares, Almonty’s potential to retain key administration workers or acquire the companies of certified and skilled personnel, dangers related to claims and authorized proceedings in opposition to Almonty and one among its mines in operation, dangers associated to unknown defects and impairments, dangers associated to the adequacy of inner management over monetary reporting, dangers associated to authorities laws, together with environmental laws, dangers associated to to Almonty’s worldwide operations, dangers associated to the exploration, improvement and operations of Almonty’s tungsten mines, Almonty’s potential to acquire and preserve the required permits, Almonty’s potential to conform relevant legal guidelines, laws and allow necessities, lack of applicable infrastructure and employed to help Almonty mining operations, uncertainty qua nt the accuracy of mineral reserve and mineral useful resource estimates, manufacturing estimates from Almonty mining operations, incapability to exchange and develop mineral reserves, uncertainties associated to title and Indigenous rights to with respect to mining properties owned immediately or not directly by Almonty, Almonty’s potential to acquire satisfactory financing, Almonty’s potential to finish allowing, development, improvement and enlargement, associated challenges world monetary situations, dangers related to future gross sales or issuance of fairness securities, variations in interpretation or utility of tax legal guidelines and laws or accounting conventions and guidelines and TSX acceptance of the itemizing of Almonty shares on the TSX.
Ahead-looking statements are primarily based on what administration believes are cheap assumptions, together with, however not restricted to, the absence of a fabric hostile change out there value of para tungstate ammonium, the continued potential to finance or safe funding for present commitments, expectations relating to decision of authorized and tax points, no unfavorable modifications in relevant legal guidelines, potential to safe native contractors, workers and help when wanted and on phrases cheap, in addition to the opposite assumptions and components set forth herein. Though Almonty has tried to determine materials components that would trigger precise outcomes, stage of exercise, efficiency or achievements to vary materially from these contained in forward-looking statements, different components could trigger outcomes, stage of exercise, efficiency or achievements to not be as anticipated, estimated or anticipated. There might be no assurance that the forward-looking statements will show to be correct and even when the occasions or outcomes described within the forward-looking statements are realized or considerably realized, there might be no assurance that they are going to have the results or results anticipated. on, Almonty. Subsequently, readers mustn’t place undue reliance on forward-looking statements and are cautioned that precise outcomes could range.
Traders are cautioned in opposition to assigning undue certainty to forward-looking statements. Almonty cautions that the foregoing record of necessary components is just not exhaustive. When counting on Almonty’s forward-looking statements and data in making selections, traders and others ought to rigorously take into account the above components in addition to different uncertainties and potential occasions.
Almonty has additionally assumed that necessary components won’t trigger forward-looking statements and data to vary materially from precise outcomes or occasions. Nevertheless, the record of those components is just not exhaustive and is topic to alter and there might be no assurance that these assumptions will mirror the precise results of such gadgets or components.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS ALMONTY’S EXPECTATIONS AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT ATTRIBUTE UNDUE IMPORTANCE TO FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY ON SUCH INFORMATION AT ANY OTHER DATE. AS SOON AS ALMONTY CAN CHOOSE, SHE DOES NOT COMMIT TO UPDATING THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED UNDER APPLICABLE LAWS.