Join our daily newsletter At The Bell to receive exclusive market insights
- Almonty Industries (AII) receives conditional approval from the TSX to settle fees linked to debt obligations via shares
- The approval comes at the request of Almontee investor Plansee Holding AG
- Currently, Almonty owes Plansee US$2.4 million (A$3.6 million), which has now been settled through the issuance of 4,501,840 common shares on the TSX
- Following the conversion of the outstanding fees, Plansee will hold 18.7 per cent of Almonty
- AII Industries is down 4.76 per cent, trading at 70 cents at 2:42 pm AEDT
Almonty Industries (AII) has received conditional approval from the TSX to settle fees linked to debt obligations via shares.
The conditional approval to settle the fees in stock rather than cash came at the request of AII investor Plansee Holding AG.
Currently, Almonty owes Plansee US$2.4 million (A$3.6 million), which has now been settled through the issuance of 4,501,840 common shares on the TSX.
The average price of the stock issuance is 73 Canadian cents per share (80 Australian cents), which represents a six per cent premium to AII’s market price as of March 22, 2023.
Following the conversion of the outstanding fees, Plansee will hold 18.7 per cent of Almonty.
Aside from a debt settlement agreement entered between Plansee and the company, Almonty said it did not anticipate entering any further agreements in connection with this transaction.
AII shares were down 4.76 per cent and trading at 70 cents at 2:42 pm AEDT.
