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Almonty cements IPO, lists on ASX
Clayton Utz has acted for TSX-listed tungsten mining company Almonty Industries Inc. (Almonty) on its initial public offering and listing on the Australian Securities Exchange.
Emma Musgrave
Firm: Clayton Utz (Almonty).
Value: $15 million.
Area: Corporate.
Key players: The Clayton Utz team was led by corporate partner Liz Humphry, with assistance from lawyers Samuel Pullin, Sarah Thiruneelakandan and Luke Crofts.
Deal significance: Almonty is a TSX-listed tungsten mining company that specialises in acquiring distressed and underperforming operations and assets in tungsten markets.
It owns interests in the Los Santos Mine Project located in Northern Spain, the Valtreixal Project located in North Western Spain, the Panasqueira Mine located in Portugal and the Sangdong Mine located in South Korea.
According to a statement from Clayton Utz, the IPO raised over $15 million in the form of CHESS Depositary Interests.
“The receipt of the capital raised was the final condition precedent in order for Almonty to drawdown on its US$75.1 million debt packages arranged with German state bank, KfW IPEX,” the statement added.
“Funds raised from the IPO will be applied towards planned capital expenditures for the construction of the Sangdong Mine, which will be one of the largest tungsten mines outside of China.”
Commenting further on the transaction, Clayton Utz corporate partner Ms Humphry said: “We congratulate Lewis Black and the Almonty team on this important milestone, and look forward to seeing their continued success as they work towards ramping up production of the Sangdong Mine.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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