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    Almonty Announces that it has Signed a Binding Heads of Agreement to Sell the Wolfram Camp Mine

    Vivien Diniz
    Apr. 26, 2016 09:55AM PST
    Company News

    Almonty Industries Inc. (“Almonty”) (TSXV: AII) Almonty announces that it has signed a binding heads of agreement to sell the Wolfram Camp Mine (“WCM”) in Queensland to ATC Alloys Limited (ASX: ATA) (“ATC”). According to the company’s news: The proposed consideration for the sale is 120 million fully paid ordinary shares in ATC at a …

    Almonty Industries Inc. (“Almonty”) (TSXV: AII) Almonty announces that it has signed a binding heads of agreement to sell the Wolfram Camp Mine (“WCM”) in Queensland to ATC Alloys Limited (ASX: ATA) (“ATC”).
    According to the company’s news:

    The proposed consideration for the sale is 120 million fully paid ordinary shares in ATC at a deemed issue price of AUD$0.05 per share, or A$6.0 million (CAD$5.92 million) plus the assumption of intercompany debt owed to Almonty by WCM.
    The Wolfram Camp Mine is located approximately 130km west of Cairns and has the following key highlights:
    • fully-permitted open-pit tungsten mining operation
    • high quality mine infrastructure
    • commercial production achieved in November 2013
    • production of approximately 40,000mtu of tungsten oxide in 2015
    • 4-year mine- life with substantial exploration potential

    Click here to view the full press release. 

    mine lifequeenslandtungsten miningalmonty industries inc.tsxv:aii
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