Almonty Looks to Acquire Ormonde Mining

Almonty Industries Inc. (TSXV:AII) announced its has made a non-binding proposal to acquire the entire issued and future issued share capital of Ormonde Mining Plc. (LSE:ORM).

As quoted in the press release:

There is no certainty that any transaction will be progressed or, in particular, that a formal offer to shareholders will be made, or as to the terms on which a formal offer may be made if forthcoming.

Lewis Black, chairman, president and CEO of Almonty, commented:

Almonty believes that the strategic fit between Almonty and Ormonde is excellent and that there are significant advantages to combining the companies.  We believe the combined entity will be ideally positioned as an attractive platform for further accretive growth and consolidation in global tungsten sector and believe it will be ideally positioned to finance the build-out of Barruecopardo thus mitigating the implied dilution from the proposed transaction with Oaktree Capital Management, L.P.

Click here to read the full Almonty Industries Inc. (TSXV:AII) press release.