- Almonty Industries Inc. (ALMTF, Financial) applies for listing on Nasdaq Capital Market
- Concurrent U.S. public offering planned, with net proceeds aimed for tungsten oxide facility development
- Common shares to remain listed on TSX and ASX, and trading on Frankfurt Stock Exchange
Almonty Industries Inc. (ALMTF), a prominent global producer of tungsten concentrate, has announced its application for listing on the Nasdaq Capital Market in conjunction with a planned public offering of its common shares in the United States. The company, already listed on the Toronto Stock Exchange (TSX) and the Australian Securities Exchange (ASX) under the ticker “AII”, as well as trading on the Frankfurt Stock Exchange, aims to further cement its position in the U.S. market with this strategic move.
The anticipated U.S. public offering’s net proceeds are intended primarily for the development of Almonty’s projected tungsten oxide facility, alongside other general corporate purposes and working capital needs. As global geopolitical tensions mount, Almonty CEO Lewis Black expressed optimism regarding the robust demand and favorable pricing outlook for tungsten, a critical mineral for various industries.
Almonty has filed a registration statement on Form F-10 with both the Ontario Securities Commission and the U.S. Securities and Exchange Commission under the Canada/United States Multi-Jurisdictional Disclosure System, though the statement has yet to become effective. The exact number of common shares and price range for the offering remain undecided, pending market conditions.
Joint Bookrunners for the offering are Oppenheimer & Co. and Cantor, with D.A. Davidson & Co. as Lead Manager and Scotiabank as Co-Manager. Upon successful listing on the Nasdaq, trading on the OTCQX is expected to cease, aligning Almonty's strategic goals with its continued commitment to shareholder value and market expansion.
