/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
TORONTO, Dec. 22, 2014 /CNW/ - Almonty Industries Inc.
("Almonty" or the "Company") (TSXV: AII) announces that it intends
to renew its Normal Course Issuer Bid (the "Bid"), subject
to the approval of the TSX Venture Exchange ("TSXV"). The
Company intends to purchase, from time to time, as it considers
advisable, up to 1,431,007 common shares (which is equal to 2.9% of
the outstanding common shares) on the open market through the
facilities of the TSXV or any other means that may be approved by
the TSXV. The price that Almonty will pay for any common
share under the Bid will be the prevailing market price on the TSXV
at the time of such purchase. Common shares acquired under
the Bid will be subsequently cancelled. Almonty currently has
48,987,491 common shares outstanding. The Company has
appointed Integral Wealth Securities Limited to act as its broker
through which the Bid will be conducted.
The Bid is expected to commence on December 29, 2014 and will terminate on
December 28, 2015 or such earlier
time as the Bid is completed or terminated at the option of
Almonty. A copy of the Form 5G – Notice of Intention to make
a Normal Course Issuer Bid filed by the Company with the TSXV can
be obtained from the Company upon request without charge.
The Company is commencing the Bid because it believes that, from
time to time, the market price of its Common Shares may not
properly reflect the underlying, intrinsic value of Almonty, and
that, at such times, the purchase of Common Shares for cancellation
will increase the proportionate interest of, and be advantageous
to, all remaining shareholders.
Almonty previously repurchased 266,200 shares under the
Company's previously announced Normal Course Issuer Bid that
expired on December 19th,
2014.
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 110 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.
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.
This announcement is not intended to, and does not,
constitute or form part of (i) an offer or invitation to purchase
or otherwise acquire, subscribe for, tender, exchange, sell or
otherwise dispose of any securities, (ii) the solicitation of an
offer or invitation to purchase or otherwise acquire, subscribe
for, tender, exchange, sell or otherwise dispose of any securities,
or (iii) the solicitation of any vote or approval in any
jurisdiction, pursuant to this announcement or otherwise.
The distribution of this announcement in or into certain
jurisdictions may be restricted by the laws of those jurisdictions.
Accordingly, copies of this announcement are not being, and
must not be, mailed or otherwise forwarded, distributed or sent in,
into or from any jurisdiction where it would be unlawful to do so.
Persons receiving such documents (including, without
limitation, nominees, trustees and custodians) should observe these
restrictions. Failure to do so may constitute a violation of
the securities laws of any such jurisdiction.
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
relating to the Commencement of a Normal Course Issuer Bid
and the possibility of purchases being made thereunder. 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. Actual results relating to,
among other things, the Bid, could differ materially from those
currently anticipated in such statements for many reasons such as:
changes in general economic conditions and conditions in the
financial markets; changes in demand and prices for tungsten and
other minerals; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments;
technological and operational difficulties encountered in
connection with the activities of the Company; and other matters
discussed in this news release. 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.