Almonty Industries, a Canadian producer of tungsten concentrate for the defense industry, raised $90 million by offering 20 million shares at $4.50 in connection with its Nasdaq IPO. It had originally filed to raise $75 million.
The company was previously traded on the OTCQX (ALMTF), and will continue to trade internationally in Canada (TSX: AII), Australia (ASX: AiiDA), and Germany (Frankfurt: ALI1).
Headquartered in Toronto, Canada, Almonty Industries is a producer of tungsten concentrate, primarily for the defense industry, along with uses for aerospace, semiconductors, and batteries. The company also plans to vertically integrate into oxide production, and holds an additional deposit of molybdenum. Its flagship asset, the Sangdong Tungsten Mine in South Korea, is one of the world's largest tungsten deposits by Inferred Mineral Resource and is in soft commissioning. Once fully operational, Sangdong is expected to produce a significant portion of the global tungsten supply outside of China.
Almonty Industries plans to list on the Nasdaq later today under the symbol ALM. Oppenheimer & Co. and Cantor Fitzgerald acted as joint bookrunners on the deal.
