The Conversation (0)
Almonty Industries Inc. (TSXV:AII) entered into two unsecure debt facilities with Banca de Empresas, a subsidiary of Banco
Santander Group, for $3.8 million. The Company also announced that it has decided not to proceed with an offer for Ormonde Mining plc.
As quoted in the press release:
The Irish Takeover Panel imposed a deadline of January 31, 2014 for Almonty to either announce an offer for Ormonde Mining plc (“Ormonde”) under Rule 2.5 of the Irish Takeover Rules or announce that it will not proceed with an offer for Ormonde. At the request of the Irish Takeover Panel, Almonty announces that it does not intend to make an offer for Ormonde. Accordingly, Almonty is bound by the restrictions under Rule 2.8 of the Irish Takeover Rules.
This decision has been made after a careful review of the information available to Almonty on Ormonde. Almonty has a number of significant concerns regarding Ormonde’s Barruecopardo Project. As a result of Ormonde’s unwillingness to engage in any dialogue with Almonty, it has not been possible for Almonty to address its concerns, and consequently we believe that an offer for Ormonde would not be in the best interests of our shareholders.
Almonty Industries Inc. CEO, Lewis Black, said:
We are disappointed that Ormonde has refused any and all overtures Almonty has made to engage in any dialogue with Almonty and we are unwilling to proceed in an environment where we have been denied access to information we believe is critical for our full evaluation of the Barruecopardo tungsten project. We intend to drive forward with our strategy of creating value in the tungsten industry, both through organic growth and selective M&A and will continue to work with Global Tungsten & Powders Corp (“GTP”) in identifying strategic tungsten assets where the Almonty team can add value. Almonty is also encouraged from the results of preliminary test work carried out on the Valtreixal project and the financing will ensure that we are able to continue moving the project forward.
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