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Almonty Raises US$3.3M From Insiders and Existing Shareholders to Satisfy Final Plansee/GTP Condition Precedent to the Financial Closing of KfW US$75.1 Million Finance Facility – Drawdown Expected on or Around May 21st

Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce the closing of its private placement to Directors of Almonty, existing shareholders and other insiders of 2,852,251 common shares at CDN$0.94 per share and 1,428,571 Units at US$0.70 per Unit to raise gross proceeds of approximately US$3.3 million (“Placement”). Each Unit of the 1,428,571 units will be comprised of one common share and one-half share purchase warrant with each whole warrant being exercisable at a price of US$0.84 for 24 months from closing.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220511006147/en/

UPDATED SANGTON TUNGSTEN MINE TIMELINE (Graphic: Business Wire)

UPDATED SANGTON TUNGSTEN MINE TIMELINE (Graphic: Business Wire)

The use of proceeds of this Placement will be to pay the Plansee/GTP fees, of which the upfront cash portion of US$3.0 million has now been paid.

PLANSEE/GTP SATISFACTION OF CONDITIONS PRECEDENT

The Company is pleased to advise that it has executed a Conditions Precedent Letter with Plansee/GTP whereby both parties have agreed that Almonty has satisfied the conditions precedents required by Plansee/GTP to enable financial closing of the KfW US$75.1 million finance facility. They key terms of the Conditions Precedent Letter are:

  1. Payment of GTP Obligations of US$3.0 million– paid in cash from the proceeds of the Placement.
  2. Within 120 calendar days of the financial closing of the project financing, Almonty remitting the Outstanding Balance owing of approximately US$1.8 million. In the event that the Outstanding Balance is not paid within 120 calendar days of the financial closing of the Project Financing, Almonty will satisfy any remaining portion of the Outstanding Balance by issuing common shares in Almonty to Plansee/GTP, at a price per share equal to the closing market price of Almonty’s common shares on the trading day prior to issuance.

Now that Plansee/GTP have signed the satisfaction of Conditions Precedent letter, KfW IPEX–Bank will now move to internal sign off. Almonty expects by Friday May 21st that KfW IPEX–Bank will confirm financial close at which point the drawdown of the US$75.1 million will begin.

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Almonty Raises US$3.3M From Insiders and Existing Shareholders to Satisfy Final Plansee/GTP Condition Precedent to the Financial Closing of KfW US$75.1 Million Finance Facility – Drawdown Expected on or Around May 21st Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce the closing of its private placement to Directors of Almonty, existing shareholders and other insiders of 2,852,251 …

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