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TORONTO, Sept. 27, 2011 /CNW/ - Almonty Industries Inc. ("Almonty")
(TSXV: AII) is pleased to announce the granting of stock options to
members of the board of directors and senior employees of Almonty.
Lewis Black received 250,000 options, Dennis Logan received 500,000
options, and Daniel D'Amato, Andrew McIlwain and Mark Trachuk each
received 100,000 options. Two other senior employees of Almonty have
each been granted 100,000 options. The options are being granted
pursuant to the stock option plan of Almonty with each option
permitting the holder to purchase one common share of Almonty at a
price of $1.00 for a period of 10 years from today's date. Other than
the options granted to Dennis Logan, which will vest as to 250,000 on
the first anniversary of the grant and 250,000 on the second
anniversary of the grant, the options will vest immediately. The
options are subject to approval by the TSX Venture Exchange and
ratification at the next annual meeting of shareholders of Almonty.
The common shares of Almonty will be listed on the TSX Venture Exchange
and will trade under the symbol "AII" commencing Wednesday, September
28, 2011. The principal business of Almonty is the advancement of the
exploration, development and production activities at the Los Santos
Project. The Los Santos Project is a tungsten mine located about 50
kilometres from Salamanca, in western Spain. The mine has been in
production since 2008 and produces tungsten product which is currently
sold under an off-take agreement. In 2010 the mine had an annual
output of approximately 225,000 tonnes of ore (at 0.25% WO3). Tungsten is a unique metal due to its high temperature properties
and exceptionally high density, and has widespread use as metal in
alloys, steels and chemicals.
The TSX Venture Exchange has in no way passed on the merits of the
transaction and has neither approved or disapproved the contents of
this press release.
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:
Telephone: (212) 343-1914