TORONTO, Feb. 25, 2015 /CNW/ - Almonty Industries Inc. ("Almonty") (TSXV:AII) announces that it has entered into an agreement (the "Agreement") with Deutsche Rohstoff AG ("DRAG") whereby the parties have agreed to unconditionally settle all claims made under the provisions of the Share Sale Agreement (the "SSA") dated September 22, 2014. The SSA relates to Almonty's previously announced acquisition of 100% of both Wolfram Camp Mining Pty Ltd and Tropical Metals Pty Ltd (which collectively own 100% of the Wolfram Camp tungsten and molybdenum mine in Queensland, Australia ("WCM")). The claims are in connection with adjustments to closing working capital balances on the acquisition of WCM.
Under the terms of the Agreement, DRAG will pay Almonty $1,500,000, which will be satisfied by DRAG surrendering to Almonty $1,500,000 of the principal amount of the $7,500,000 convertible debenture issued by Almonty as part of the purchase price paid for WCM. Almonty and DRAG have agreed to release each other from all claims made to date under the SSA and not to bring any future claims against the other in connection therewith.
Additional information about Almonty Industries Inc. is available by visiting Almonty's website at www.almonty.com or under Almonty's profile on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Almonty Industries Inc.
For further information: Almonty Industries Inc., Dennis Logan, CFO, Tel: (647) 438-9766, www.almonty.com