TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (TSX-V: AII) (“Almonty” or the “Company”) (TSX-V: AII) is pleased to announce it has added Mr. Michael Costa as an independent director to its board of directors.
Mr. Costa serves as Vice President and Portfolio Manager at Goodman & Company Investment Counsel Inc. In this role, he acts as Portfolio Manager, managing a portfolio of opportunistically invested assets, with a core focus on Canadian capital markets. From 2010 to 2012, Mr. Costa served as director with UBS Securities Canada and was responsible for managing the Fundamental Investment Group’s Canadian investment portfolio. Prior to joining UBS, Mr. Costa served as Vice President at both Goldman Sachs & Co. in New York and Goldman Sachs Canada Inc., in Toronto. From 2005 to 2010, Mr. Costa was a member of the Goldman Sachs Special Situations Group (“GSSSG”), a multi-strategy principal investment platform within Goldman Sachs. During this time, he successfully sourced, structured and executed both public and private debt and equity principal investments on behalf of the firm. In 2006, Mr. Costa moved to Toronto to become one of three founding members of the Canadian Special Situations Group (“CSSG”) within GSSSG. Mr. Costa was promoted to Co-Head of CSSG. Mr. Costa began his career at Goldman Sachs in 2003 on the distressed/high yield desk. He graduated cum laude with honours in Economics from Colgate University in Hamilton, New York.
The appointment of Mr. Costa as an additional independent director allows Almonty to meet the governance requirements of the Company Manual of the Toronto Stock Exchange and supports its application to graduate its listing to the main board of the Toronto Stock Exchange, which has been submitted and is currently being reviewed by the exchange. Almonty also is pleased to announce the restructuring of a number of promissory notes issued to Dundee Resources Limited into a convertible debenture (the “Debenture”) in the aggregate principal amount of CAD$5,937,081 and having a maturity date of January 30, 2020 (the “Maturity Date”).
Subject to the approval of the TSX Venture Exchange, the Debenture is convertible into common shares of Almonty (“Common Shares”) at a price of $1.00 per Common Share. The Debentures bear interest at a rate of 6.0% per annum, which shall accrue monthly and compound quarterly and shall be paid in-kind on the earlier of the Maturity Date and the date of conversion at a price per Common Share of $1.00
The Convertible Debenture and the Common Shares issuable upon the conversion thereof are subject to resale restrictions for a period of four months and a day until May 31, 2018 as prescribed by the TSX Venture Exchange and applicable securities laws.
About Almonty
The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain and its Panasqueira mine in Portugal as well as the refurbishment of its Wolfram Camp Mine in north Queensland, Australia, the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development of the Valtreixal tin/tungsten project in north western Spain. 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 kilometres west of Cairns in northern Queensland, Australia and has produced tungsten and molybdenum concentrate, although the Wolfram Camp Mine is not currently producing due to ongoing refurbishment of the processing plant. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty owns 100% of the Valtreixal tin-tungsten project in north-western Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s profile at www.sedar.com.
