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Almonty Industries Inc announces C$ 3.8 mln in bank financing and the decision not to proceed with an offer for Ormonde


Friday, 31 Jan 2014 07:31am EST 

Almonty Industries Inc:Enters into two unsecured debt facilities with Banca de Empresas, a subsidiary of Banco Santander Group, for C$ 3.8 mln.Says the funds from the financing are intended to be used for continued evaluation of potential strategic acquisitions and investment opportunities in the tungsten industry and for advancing the development of the Valtreixal Project.Says the Irish Takeover Panel imposed a deadline of Jan. 31, 2014 for Almonty to either announces an offer for Ormonde Mining plc (Ormonde) under Rule 2.5 of the Irish Takeover Rules or announces that it will not proceed with an offer for Ormonde.Says at the request of the Irish Takeover Panel, Almonty announces that it does not intend to make an offer for Ormonde. Accordingly, Almonty is bound by the restrictions under Rule 2.8 of the Irish Takeover Rules.Says this decision has been made after a careful review of the information available to Almonty on Ormonde.Says as a result of Ormonde's unwillingness to engage in any dialogue with Almonty, it has not been possible for Almonty to address its concerns, and consequently believe that an offer for Ormonde would not be in th interests of shareholders. 

Company Quote

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14 Jul 2014