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Almonty Industries Inc. (TSXV:AII) announced that it has entered into a binding letter of intent with Deutsche Rohstoff AG (ETR:DR0) under which Almonty will acquire 100 percent of Wolfram Camp Mining Pty and Tropical Metals Pty.

Almonty Industries Inc. (TSXV:AII) announced that it has entered into a binding letter of intent with Deutsche Rohstoff AG (ETR:DR0) under which Almonty will acquire 100 percent of Wolfram Camp Mining Pty and Tropical Metals Pty. Together, those companies own 100 percent of the Queensland-based Wolfram Camp tungsten and molybdenum mine.

As quoted in the press release:

The Agreement calls for the purchase price of CAD$18.0 million to be satisfied as follows:

  • Almonty will issue approximately 12,209,302 million common shares at a value of $0.86 per share that represent approximately CAD$10.5 million and translate into a shareholding of Almonty`s issued stock of 24.9% following completion of the acquisition.
  • The remaining purchase price of approximately CAD$7.5 million will be satisfied by Almonty issuing a convertible debenture to DRAG. The convertible debenture will have a maturity of 2.5 years with a coupon of 4%. The convertible debenture may be converted, at the option of DRAG, into shares of Almonty at a conversion price of CAD$1.45 per Almonty share.

Completion of the Acquisition will be conditional on approval by the TSX Venture Exchange and approval of Almonty shareholders.

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

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