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Almonty Industries has successfully closed the final tranche of its March 2024 Placement. This includes the sale of 3,000,000 Placement Chess Depository Interests (CDIs) at A$0.62 per unit and an additional 1,090,909 common share units at Cdn$0.55 per unit, scheduled to close on May 23, 2024. The company also secured firm commitments to raise A$1,194,500.06 through 1,926,613 CDIs at A$0.62 per unit. The total settlement is expected by May 27, 2024, with allotment the following day. Each CDI will include a free unlisted option, and each common share unit will include a share purchase warrant, both exercisable within 24 months. Proceeds will be used for general working capital and offer costs. The company also managed Dundee Resources' divestment of its entire holdings in Almonty, worth around 10.25 million common shares at Cdn$0.90 per share. Regulatory approvals from TSX and ASX are pending.
Almonty Industries filed its unaudited condensed interim consolidated financial statements and MD&A for Q1-2024, ending March 31, 2024. The company reported gross revenue of $7.824 million, up from $7.097 million in Q1-2023. However, the net loss widened to $3.782 million from $2.416 million in the same period last year, primarily due to higher mine production costs, increased interest expenses, and foreign exchange losses.
Almonty's Panasqueira mine in Portugal contributed positively to EBITDA from mining operations, totaling $896K. The company also converted over $9 million of long-term debt into shares and extended the maturity date of additional debt to March 2027.
The Sangdong Mine's construction is progressing with timely drawdowns from the KfW IPEX-Bank loan. Almonty aims to complete the build-out phase soon.
Almonty Industries Inc. received firm commitments to raise A$1.9M through the issuance of 3,000,000 CDIs at A$0.62 per unit after a previous placement. Participants will also receive one free unlisted option for each CDI, exercisable at A$0.84. The funds will support general working capital and offer costs.
Almonty Industries Inc. (ALMTF) plans to extend the term of 700,000 outstanding share purchase warrants by one year to February 19, 2025, subject to TSX and shareholder approval. Insider Warrants held by Lewis Black and Dr. Thomas Gutschlag will be extended. The Company also plans to extend the term of 714,285 outstanding share purchase warrants held by one individual to May 12, 2025. Shareholder approval will be sought at the annual general meeting on June 28, 2024.
