Almonty Industries Inc. announced a private placement of 2,668,000 Canadian units at a price of CAD 0.55 per unit for the gross proceeds of CAD 1,467,400 and 325,000 Placement Chess Depository Interests Units at a price of CAD 0.55 per unit for the gross proceeds of CAD 178,750 for an aggregate gross proceeds of CAD 1,646,150 on March 22, 2024. Each CDI Unit will be comprised of one CDI, with an underlying common share, and one unlisted option exercisable at CAD 0.74, for a period of 24 months from the date of closing. Each Canadian unit is comprised of one common share and one share purchase warrant with each share purchase warrant being exercisable into one additional common share at a price of CAD 0.74 per share for a period of 24 months from closing. It is also anticipated that the company will close on one or more tranches of units of which, it is expected that Lewis Black, CEO of the company, Andrew Frazer and Mark Trachuk, both Directors of the Company, and Andrew Ryu, VP of Almonty Korea Tungsten Corp., a wholly-owned subsidiary of the Company, will participate in the private placement by way of purchasing, in the aggregate 1,799,456 CDN units for proceeds totaling CAD 989,700.

On the same day, the company issued 2,668,000 Canadian units in its first tranche closing.