Almonty Industries Inc. - Placement of Common Share Units and CDI’s raises C$1.47 million1 with Further Commitments of C$1.178 million for acceleration of Tungsten downstream planning and Molybdenum reserves conversion.

Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that it has closed on a non-brokered private placement through the sale of 2,668,000 units (“CDN Units”) at a price of $0.55 per unit raising gross proceeds of $1,467,400. Each CDN Unit is comprised of one common share and one share purchase warrant with each share purchase warrant being exercisable into one additional common share at a price of $0.74 per share for a period of 24 months from closing.

The Company is also pleased to announce that it has received firm commitments to raise gross proceeds of A$201,500 through the issuance of 325,000 Placement Chess Depository Interests Units (“CDI's”) at a price of A$0.62 per CDI Unit. Each CDI Unit will be comprised of one CDI, with an underlying common share, and one unlisted option exercisable at A$0.84, for a period of 24 months from the date of closing.

It is also anticipated that the Company will close on one or more tranches of CDN Units of which, it is expected that Lewis Black, CEO of the Company, Andrew Frazer and Mark Trachuk, both Directors of the Company, and Andrew Ryu, VP of Almonty Korea Tungsten Corp., a wholly-owned subsidiary of the Company, will participate in the private placement by way of purchasing, in the aggregate, 1,799,456 CDN Units for proceeds totaling C$989,700.

Proceeds from the Placement will be applied towards general working capital, including accelerating the downstream project planning and further investigation of the Moly due to increasing interest in the material domestically.

The Placement Units and Placement CDI’s issued will rank equally with existing CDI’s and Common Shares on issue.

As Lewis Black, Andrew Frazer, Mark Trachuk and Andrew Ryu (the “Insiders”) will be subscribing for Units in the Private Placement, the issuance of Units to insiders pursuant to the Private Placement is considered a related party transaction within the meaning of Multilateral Instrument 61-101– Protection of Minority Security Holders in Special Transactions (“MI 61-101”). As such, the Company will rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Private Placement by insiders will not exceed 25% of the fair market value of the Company’s market capitalization.