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TORONTO, March 10, 2015 /CNW/ - Almonty Industries Inc.
("Almonty" or the "Company") (TSX-V: AII) today
announced an indicative non-binding proposal was made to acquire
the entire issued and to be issued share capital of Ormonde Mining
Plc ("Ormonde").
The proposal is subject to a number of conditions and there is
no certainty that any transaction will be progressed or, in
particular, that a formal offer to shareholders will be made, or as
to the terms on which a formal offer may be made if
forthcoming.
Commenting on the approach Lewis
Black, Chairman, President & CEO stated:
"Almonty believes that the strategic fit between Almonty and
Ormonde is excellent and that there are significant advantages to
combining the companies. We believe the combined entity will
be ideally positioned as an attractive platform for further
accretive growth and consolidation in global tungsten sector and
believe it will be ideally positioned to finance the build-out of
Barruecopardo thus mitigating the implied dilution from the
proposed transaction with Oaktree Capital Management, L.P."
A further statement will be made if and when appropriate.
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
Los Santos Mine in western Spain
and its Wolfram Camp Mine in north Queensland, Australia. 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 Wolfram Camp Mine was acquired by Almonty
in September 2014 and is located
approximately 130 km west of Cairns in northern Queensland, Australia and produces tungsten
and molybdenum concentrate. Almonty also has an option to acquire a
100% ownership interest in the Valtreixal tin-tungsten project in
north western Spain. Management
and certain members of Almonty's Board of Directors led the
turnaround and eventual sale of Primary Metals Inc., the operator
of the Panasqueira Tungsten Mine in Portugal from 2003 to 2007. Further
information about the Company's activities may be found at
www.almonty.com and under the Company's profile at
www.sedar.com.
This announcement is not an announcement of a firm intention
to make an offer under Rule 2.5 of the Irish Takeover Panel Act,
1997, Takeover Rules 2013 ("Irish Takeover Rules") and there can be
no certainty that an offer will be made, nor as to the terms on
which any offer will be made.
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 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.
This announcement does not constitute an announcement of a
firm intention to make an offer under Rule 2.5 of the Irish
Takeover Panel Act, 1997, Takeover Rules 2013 (Irish Takeover
Rules). Any holder of 1% or more of any class of relevant
securities of Ormonde or of Almonty may have disclosure obligations
under Rule 8.3 of the Irish Takeover Rules from the date of 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, a formal offer will be made, the
transaction will be progressed, the strategic fit between Almonty
and Ormonde, significant advantages in combining the companies, the
combined entity will be ideally positioned as an attractive
platform for further accretive growth, ideally positioned to
finance the build-out of Barruecopardo, and mitigating the implied
dilution. 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.
SOURCE Almonty Industries Inc.