TORONTO, Feb. 17, 2015 /CNW/ - Almonty
Industries Inc. ("Almonty") (TSXV:AII) announces that it
has terminated discussions with Woulfe Mining Corp
("Woulfe") and that the non-binding letter of intent (the
"LOI") to combine the businesses of the two companies
(the "Merger") entered into on January 27, 2015 and extended on February 13, 2015 has been terminated.
Lewis Black, President and CEO of
Almonty, commented "It is unfortunate that we were unable to reach
an agreement with Woulfe but we will continue to consolidate global
tungsten mining assets outside of China".
BRIDGE LOAN
On January 27,
2015 Almonty provided Woulfe with a C$150,000 unsecured bridge loan, (the "Bridge
Loan") which was to be used for basic working capital
needs. The Bridge Loan matures on April 30, 2015 and bears an interest rate of 12%
per annum payable at maturity and ranks pari passu with
Dundee Corporation's existing unsecured convertible debt of
Woulfe.
ADDITIONAL INFORMATION
Additional information about
Almonty Industries Inc. is available by visiting Almonty's website
at www.almonty.com or under Almonty's profile on SEDAR at
www.sedar.com.
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.
Forward-Looking Statements
CAUTIONARY NOTE
REGARDING FORWARD-LOOKING STATEMENTS: This news release contains
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" as such term is defined in applicable
Canadian securities laws (together referred to herein as
"forward-looking statements"). Forward-looking statements are
characterized by words such as "plan," "expect", "budget",
"target", "project", "intend," "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. Forward-looking statements in
this news release include, but are not limited to, statements
relating to the consolidation of global tungsten mining assets
outside of China. Forward-looking statements are based on the
opinions, assumptions and estimates of management considered
reasonable at the date the statements are made, and are inherently
subject to a variety of risks and uncertainties and other known and
unknown factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include (i) Almonty's ability to find suitable
acquisition candidates, (ii) political developments, whether
generally or in respect of the mining industry specifically, in
Spain, Australia and elsewhere, not consistent with
Almonty's current expectations, (iii) the impact of general
business and economic conditions, global liquidity and credit
availability on the timing of cash flows and the values of assets
and liabilities based on projected future conditions, fluctuating
metal prices and currency exchange rates, (iv) changes in project
parameters as plans continue to be refined,(v) the continued
employment of key Almonty employees, as well as those risk factors
discussed or referred to in Almonty's annual Management's
Discussion and Analysis and Annual Information Form for its most
recently completed year ends filed with the applicable securities
regulatory authorities and available at www.sedar.com. Although
Almonty has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be
anticipated, estimated or intended.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Almonty undertakes no obligation to update forward-looking
statements if circumstances or management's estimates, assumptions
or opinions should change, except as required by applicable law.
The reader is cautioned not to place undue reliance on
forward-looking statements. The forward-looking information
contained herein is presented for the purpose of assisting
investors in understanding Almonty's expected financial and
operational performance and results and may not be appropriate for
other purposes.
SOURCE Almonty Industries Inc.