( PR4US.com | Press Release | 2020-09-10 23:18:51 )
Toronto – September 8, 2020 - Almonty Industries Inc. (“Almonty”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) is pleased to provide its second update regarding its US$75 million Project Financing with the KfW-IPEX Bank (“KfW”) for its wholly-owned Sangdong Mine.
The Company reports that it has now finalized the facility agreement (loan agreement) with KfW. The facility agreement was the final piece prior to close which will now occur when the Conditions Precedent (“CP”) are met. 75% of the CP list has now been uploaded and the only remaining item from the CP list to be finalized is the balance of the equity portion of the financing.
Almonty’s Chairman, President and CEO Lewis Black commented:
“This Represents the second step of the closing phase for the libor-plus-2.4% debt financing of our 100%-owned Sangdong project. This 229-page facility agreement (loan agreement) has now been finalized and is the major milestone toward the close of the financing. With the population of the CP list now 75% completed, the only remaining item from the CP list is the balance of the US$23million equity component and, on the completion of that, the financing will then close and the Company’s elevation from junior to mid-cap miner will be complete. We expect to update the market shortly on this final CP when it is finalized.”
The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos mine in western Spain and its Panasqueira mine in Portugal as well as the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development of the Valtreixal tin/tungsten project in north western Spain. The Los Santos mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty owns 100% of the Valtreixal tin-tungsten project in north-western Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s SEDAR profile at www.sedar.com.
For further information, please contact:
Erica Olson, Merit Mile
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