TIDMORM
RNS Number : 0408Z
Ormonde Mining PLC
31 January 2014
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION
IN THE UNITEDSTATES
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT
JURISDICTION
ALMONTY INDUSTRIES INC. ANNOUNCES CAD$ 3.8 MILLION IN BANK
FINANCING AND THE DECISION NOT TO PROCEED WITH AN OFFER FOR
ORMONDE
January 31, 2014 - Almonty Industries Inc. ("Almonty" or the
"Company") (TSXV: AII) announces that it has entered into two
unsecure 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 any 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."
About Almonty
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.
For further information please contact:
Lewis Black, Chairman, President & CEO
Telephone: (647) 438-9766
Email: Info@almonty.com
Goodbody Corporate Finance (financial adviser to Almonty)
Finbarr Griffin, Stephen Kane
Telephone: (01) 667 0420
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 factors.
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 LAWS.
This announcement has been issued through the Companies
Announcement Service of
the Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ISEEFLFXZFFLBBQ
Ormonde Mining (AQSE:ORM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ormonde Mining (AQSE:ORM)
Historical Stock Chart
From Jul 2023 to Jul 2024