Market Overview

Almonty Announces TSX Approval of Normal Course Issuer Bid

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Almonty Industries Inc. ("Almonty" or the "Company") (TSX:
AII / OTCQX: ALMTF / Frankfurt: 1MR) today announced that it has filed
with the Toronto Stock Exchange (the "TSX"), and the TSX has
accepted, a notice of intention of the Company to make a normal course
issuer bid (the "NCIB") permitting Almonty to purchase for
cancellation up to 9,072,094 common shares ("Shares") over a
12-month period, representing approximately 5% of the Shares outstanding
as of March 11, 2019.

The NCIB is expected to commence on March 22, 2019 and terminate on
March 21, 2020, or such earlier date on which purchases under the NCIB
have been completed. Purchases of Shares under the NCIB will be made
through the facilities of the TSX or alternative Canadian trading
systems at the market price of the Shares at the time of acquisition.
The average daily trading volume of the Shares on the TSX for the last
six months is 29,470 Shares. The maximum number of Shares that may be
purchased on a daily basis, subject to any approved exceptions, will be
7,367 Shares. Shares purchased under the NCIB will be cancelled. During
the last twelve months, the Company purchased 471,000 Shares for
cancellation at a volume weighted average price of $0.4727 per Share
under a normal course issuer bid through the facilities of the TSX
Venture Exchange, which was for a maximum of 7,331,011 Shares and which
expired on June 1, 2018.

Almonty has entered into an automatic share purchase plan with a broker
in connection with the NCIB to allow for the purchase of Shares during
certain pre-determined blackout periods. Outside of these pre-determined
blackout periods, Shares will be purchased at the discretion of senior
management of Almonty.

Almonty believes that the Shares may from time to time trade in a price
range that does not adequately reflect the value of the Shares in
relation to the Company's activities and future prospects. As a result,
Almonty believes that the purchase of Shares, from to time, would be an
appropriate use of corporate funds in light of potential benefits to
remaining shareholders.

About Almonty

The principal business of Toronto, Canada-based Almonty Industries Inc.
is the mining, processing and shipping of tungsten concentrate from its
Los Santos Mine in western Spain and its Panasqueira mine in Portugal as
well as the development of its Sangdong tungsten mine in Gangwon
Province, South Korea and the development of the Valtreixal tin/tungsten
project in north western Spain. The Los Santos Mine was acquired by
Almonty in September 2011 and is located approximately 50 kilometres
from Salamanca in western Spain and produces tungsten concentrate. The
Panasqueira mine, which has been in production since 1896, is located
approximately 260 kilometres northeast of Lisbon, Portugal, was acquired
in January 2016 and produces tungsten concentrate. The Sangdong mine,
which was historically one of the largest tungsten mines in the world
and one of the few long-life, high-grade tungsten deposits outside of
China, was acquired in September 2015 through the acquisition of a 100%
interest in Woulfe Mining Corp. Almonty owns 100% of the Valtreixal
tin-tungsten project in north-western Spain. Further information about
Almonty's activities may be found at www.almonty.com
and under Almonty's profile at www.sedar.com.

Legal Notice

The release, publication or distribution of this announcement in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which this announcement is released, published or
distributed should inform themselves about and observe such restrictions.

Disclaimer for Forward-Looking Statements

Certain statements in this press release constitute "forward-looking"
statements that involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance, objectives or
achievements of the Company, or industry results, to be materially
different from any future results, performance, objectives or
achievements expressed or implied by such forward-looking statements.
Such statements relate to, among other things, the Company's intention
to purchase Shares pursuant to the NCIB, the Company's belief that the
Shares may from time to time be undervalued and that purchases of Shares
under the NCIB will provide benefits to shareholders. These statements
reflect the Company's current views regarding future events and
operating performance, are based on information currently available to
the Company, and speak only as of the date of this press release. Although
the Company believes that the expectations and assumptions reflected in
these forward-looking statements are reasonable, undue reliance should
not be placed on these forward-looking statements, which are not
guarantees and are subject to certain risks, uncertainties and
assumptions, which may cause actual performance and financial results to
differ materially from such forward-looking statements. The
forward-looking statements included in this press release are made only
at the date of this press release and, except as required by applicable
securities laws, the Company does not undertake to publicly update such
forward-looking statements to reflect new information, future events or
otherwise.

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