Almonty Industries Closes First Tranche of Private Placement for US$2.6 Million

Almonty Industries (TSXV:AII) has closed the first tranche of its previously announced non-brokered private placement for gross proceeds of roughly $2.6 million.
As quoted in the press release:

All securities issued pursuant to the First Closing are subject to resale restrictions for a period of four months. Almonty intends to use the net proceeds of the First Closing to fund ongoing engineering work at Almonty Korea Tungsten’s Sangdong project and for general corporate purposes. Closing of the second and final tranche of the Equity Offering is expected to occur on or about March 23, 2016.

Almonty President and CEO, Lewis Black, said:

We have been taken aback by the overwhelming response from our existing shareholders in a market that is extremely difficult. Their commitment to Almonty has not wavered in these tough market conditions and their belief in the Sangdong mine is absolute. The Board and Management have stood alongside our shareholders in this raise and we are all completely aligned in our view of the future value of Almonty as tungsten prices continue to improve. We look forward to bringing further news on the financing package for the buildout of the Sangdong mine in due course.

Click here for the full press release.