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TORONTO, Jan. 31, 2014 /CNW/ - Almonty Industries Inc. ("Almonty" or the "Company") (TSXV: AII) announces that it has entered into two unsecured debt
facilities with Banca de Empresas, a subsidiary of Banco Santander
Group, for CAD$ 3.8 million (the "Financing"). The funds from the Financing are intended to be used for continued
evaluation of potential strategic acquisitions and investment
opportunities in the tungsten industry and for advancing the
development of the Valtreixal Project.
The Irish Takeover Panel imposed a deadline of January 31, 2014 for
Almonty to either announce an offer for Ormonde Mining plc ("Ormonde") under Rule 2.5 of the Irish Takeover Rules or announce that it will
not proceed with an offer for Ormonde. At the request of the Irish
Takeover Panel, Almonty announces that it does not intend to make an
offer for Ormonde. Accordingly, Almonty is bound by the restrictions
under Rule 2.8 of the Irish Takeover Rules.
This decision has been made after a careful review of the information
available to Almonty on Ormonde. Almonty has a number of significant
concerns regarding Ormonde's Barruecopardo Project. As a result of
Ormonde's unwillingness to engage in any dialogue with Almonty, it has
not been possible for Almonty to address its concerns, and consequently
we believe that an offer for Ormonde would not be in the best interests
of our shareholders.
Lewis Black, CEO of Almonty, stated, "We are disappointed that Ormonde
has refused any and all overtures Almonty has made to engage in
dialogue with Almonty and we are unwilling to proceed in an environment
where we have been denied access to information we believe is critical
for our full evaluation of the Barruecopardo tungsten project. We
intend to drive forward with our strategy of creating value in the
tungsten industry, both through organic growth and selective M&A and
will continue to work with Global Tungsten & Powders Corp ("GTP") in identifying strategic tungsten assets where the Almonty team can add
value. Almonty is also encouraged from the results of preliminary test
work carried out on the Valtreixal project and the financing will
ensure that we are able to continue moving the project forward."
The principal business of Toronto, Canada based Almonty Industries Inc.
(TSX-V: AII) is the mining, processing and shipping of tungsten
concentrate from its tungsten mine at the Los Santos Project. The Los
Santos Project was acquired by Almonty in September 2011. The mine was
originally opened in 2008 and commissioned in July 2010 by its former
owner. The Los Santos Project is located approximately 50 kilometres
from Salamanca in western Spain and produces tungsten concentrate.
Almonty also has an option to acquire a 100% ownership interest in the
Valtreixal tin-tungsten project in north western Spain.
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.
The proposed Financing is subject to the approval of the TSX Venture
Exchange and any shareholder approval requirements required by law or
the TSX Venture Exchange.
The directors of Almonty accept responsibility for the information
contained in this announcement, save that the only responsibility
accepted by the directors of Almonty in respect of the information in
this announcement relating to Ormonde, the Board of Ormonde and the
persons connected with them, which has been compiled from published
sources, has been to ensure that such information has been correctly
and fairly reproduced or presented (and no steps have been taken by the
directors of Almonty to verify this information). To the best of the
knowledge and belief of the directors of Almonty (having taken all
reasonable care to ensure that such is the case), the information
contained in this announcement for which they accept responsibility is
in accordance with the facts and does not omit anything likely to
affect the import of such information.
Goodbody Corporate Finance, which is regulated by the Central Bank of
Ireland, is acting exclusively for Almonty in connection with the
matters described in this announcement and for no one else, and is not,
and will not be, responsible to anyone other than Almonty for providing
the protections afforded to clients of Goodbody Corporate Finance or
its affiliates, or for providing advice in relation to the approach to
Ormonde or any other matters referred to in this announcement.
Disclaimer for Forward-Looking Information
When used in this press release, the words "estimate", "project",
"belief", "anticipate", "intend", "expect", "plan", "predict", "may" or
"should" and the negative of these words or such variations thereon or
comparable terminology are intended to identify forward-looking
statements and information. This press release contains forward-looking
statements and information including, without limitation, project
development and financing. These statements and information are based
on management's beliefs, estimates and opinions on the date that
statements are made and reflect Almonty's current expectations.
The forward-looking statements and information in this press release
include information relating to the intentions of management. Such
statements and information reflect the current view of Almonty with
respect to risks and uncertainties that may cause actual results to
differ materially from those contemplated in those forward-looking
statements and information. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors and assumptions which may cause actual results, performance or
achievements, or other future events, to be materially different from
any future results, performance or achievements expressed or implied by
such forward-looking statements.
Investors are cautioned against attributing undue certainty to
forward-looking statements. Almonty cautions that the foregoing list of
material factors is not exhaustive. When relying on Almonty's
forward-looking statements and information to make decisions, investors
and others should carefully consider the foregoing factors and other
uncertainties and potential events.
Almonty has also assumed that material factors will not cause any
forward-looking statements and information to differ materially from
actual results or events. However, the list of these factors is not
exhaustive and is subject to change and there can be no assurance that
such assumptions will reflect the actual outcome of such items or
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS
SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND
SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE
ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION
AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
SOURCE: Almonty Industries Inc.
For further information:
Lewis Black, Chairman, President & CEO
Telephone: (647) 438-9766
Goodbody Corporate Finance (financial adviser to Almonty)
Finbarr Griffin, Stephen Kane
Telephone: (01) 667 0420