Almonty Industries Announces Delay in Filing 2018 Financial Resultsand Cease Trade Order
TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (“Almonty” or the “Corporation”) (TSX: AII / OTCQX: ALMTF / Frankfurt: 1MR) discloses today that the filings of the Corporation’s annual financial statements for the fiscal year ended September 30, 2018, the related management’s discussion and analysis and the related officer certifications of the annual filings for the year ended September 30, 2018 (collectively, the “2018 Annual Financial Filings”) were not completed by the deadline of December 31, 2018 (the “Filing Deadline”). As a result, after markets closed on January 7, 2019 the Ontario Securities Commission issued a cease trade order (the “Cease Trade Order”) against the Corporation pursuant to National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions and its securities have been halted from trading on the Toronto Stock Exchange.
The Corporation is actively working with its auditors to finalize the 2018 Annual Financial Filings, which the Corporation expects to be completed soon. Once the 2018 Annual Financial Filings are finalized, the Corporation will seek to have the Cease Trade Order revoked. The Corporation will be forthcoming with an update on the 2018 Annual Financial Statements once the required filings have been made.
About Almonty Industries Inc.
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.
This release includes forward-looking statements regarding Almonty Industries Inc. and its business. Such statements are based on the current expectations and views of future events of Almonty Industries Inc.’s management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release, including the anticipated filings and timing thereof and related revocation of the Cease Trade Order could differ materially as a result of known and unknown risk factors and uncertainties affecting the Corporation. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Almonty Industries Inc. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.