TORONTO, Feb. 25, 2015 /CNW/ - Almonty Industries
Inc. ("Almonty") (TSXV:AII) announces that it has entered into
an agreement (the "Agreement") with Deutsche Rohstoff AG
("DRAG") whereby the parties have agreed to unconditionally
settle all claims made under the provisions of the Share Sale
Agreement (the "SSA") dated September
22, 2014. The SSA relates to Almonty's previously
announced acquisition of 100% of both Wolfram Camp Mining Pty Ltd
and Tropical Metals Pty Ltd (which collectively own 100% of the
Wolfram Camp tungsten and molybdenum mine in Queensland, Australia ("WCM")).
The claims are in connection with adjustments to closing working
capital balances on the acquisition of WCM.
Under the terms of the Agreement, DRAG will pay Almonty
$1,500,000, which will be satisfied
by DRAG surrendering to Almonty $1,500,000 of the principal amount of the
$7,500,000 convertible debenture
issued by Almonty as part of the purchase price paid for WCM.
Almonty and DRAG have agreed to release each other from all claims
made to date under the SSA and not to bring any future claims
against the other in connection therewith.
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.
SOURCE Almonty Industries Inc.