Almonty Industries closes $700 million convertible notes offering

Almonty Industries Inc. (NASDAQ: ALM) completed its convertible senior notes offering, raising $700 million in aggregate principal amount of 2.25% convertible senior notes due 2031, according to a company statement.

The offering was oversubscribed, and initial purchasers exercised their full over-allotment option to purchase an additional $100 million in notes. The company received net proceeds of approximately $772.7 million after deducting discounts, commissions and offering expenses.

The notes were offered in a private placement to qualified institutional buyers under Rule 144A of the Securities Act of 1933. The securities have not been registered under federal securities laws and cannot be offered or sold without an exemption from registration requirements.

Lewis Black, Chairman, President and Chief Executive Officer of Almonty, said the financing "meaningfully strengthens our balance sheet and enhances our financial flexibility as we advance the development of our flagship Sangdong Mine and work to establish a secure, conflict-free, non-China source of this strategic metal for the United States and its allies."

Almonty operates as a tungsten supplier with its primary asset being the Sangdong Mine project in South Korea. The company also maintains operations in Portugal and has additional projects in the United States and Spain. Almonty trades on multiple exchanges including NASDAQ, TSX, ASX and Frankfurt.

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