Almonty Industries Inc. (“Almonty” or the “Company”) (TSX: AII / ASX: AII / OTCQX: ALMTF / Frankfurt: ALI) is pleased to announce that it has received from KfW-IPEX Bank the fully executed utilization request for the first drawdown of US$12,818,081 from the US$75.1M facility. The mortgage registration has now commenced in South Korea and, upon completion, the first drawdown funds will be sent to Almonty Korea Tungsten.Lewis Black, President and Chief Executive Officer of Almonty commented: “The World’s largest Tungsten mine is now fully funded and construction is well advanced. Our push for further growth in one of the most strategically important global sectors is also now fully underway. Ultimately, we will emerge as the only same source, transparent vertical Tungsten Oxide producer in the West and with our flagship project under construction, we will increase our output by over 300% with the opening of the Sangdong mine and a further 150% over that with our growth plan currently being pursued.”
AII Price at posting:
95.0¢ Sentiment: Buy Disclosure: Held
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