Almonty Industries Inc. confirms that it has approached Ormonde Mining plc and is considering its options
TORONTO, Aug. 9, 2013 /CNW/ - Almonty Industries Inc. ("Almonty") (TSXV: AII) confirms that it has made an approach to acquire Ormonde Mining plc ("Ormonde") (AIM: ORM) in a share exchange transaction. The approach was rejected by the Ormonde board of directors without engaging with Almonty regarding the merits of the transaction. Almonty is considering its various options regarding Ormonde.
Lewis Black, Chief Executive Officer of Almonty, commented, "We are disappointed that the Board and Management of Ormonde did not engage with us to discuss our approach. We believe there is a very compelling business rationale for combining the two companies and it would unlock tremendous value for both Almonty and Ormonde shareholders. Almonty is continuing to evaluate its options regarding Ormonde over the coming weeks."
The principal business of Toronto, Canada based Almonty Industries Inc. (TSX-V: AII) is the mining, processing and shipping of tungsten concentrate from its tungsten mine at the Los Santos Project. The Los Santos Project was acquired by Almonty in September 2011. The mine was originally opened in 2008 and commissioned in July 2010 by its former owner. The Los Santos Project is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate.
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For further information:
Almonty Industries Inc.
Dennis Logan, Director & Chief Financial Officer
Telephone: (647) 438-9766