- Almonty Industries (AII) successfully closes a $2.12 million private placement with its third-largest shareholder, Deutsche Rohstoff
- The company issued over 2.4 million chess depository interests (CDIs) at 85 cents each
- Funds from the placement will be used for general working capital prior to the drawdown of the KfW-IPEX Bank finance facility
- Almonty is focused on rebuilding the Sangdong tungsten mine in South Korea, and to do so, is aiming to secure a US$75.1 million (A$104 million) loan from the German bank
- On market close, AII shares are in the grey and trading at 90 cents each
Almonty Industries (AII) has successfully closed a $2.12 million private placement with its third-largest shareholder, Deutsche Rohstoff.
The company issued over 2.4 million chess depository interests (CDIs) at 85 cents each.
Funds from the placement will be used for general working capital prior to the drawdown of the KfW-IPEX Bank finance facility.
Almonty is focused on rebuilding the Sangdong tungsten mine in South Korea, and to do so, is aiming to secure a US$75.1 million (A$104 million) loan from a German bank, KfW IPEX-Bank.
Sangdong is one of the largest tungsten mines in the world.
The placement CDI’s are expecting to be settled on or around June 7.
Lazarus Corporate Finance acted as lead manager to the placement and will be paid a total fee of six per cent of the gross proceeds raised in the placement.
Earlier this year, the company raised US$3.3 million in a private placement to company directors and existing shareholders.
The company issued over 2.8 million common shares at C 94 cents (A$1.05) per share and over 1.4 million units at US 70 cents.
On market close, AII shares were in the grey and trading at 90 cents each.