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

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.