Almonty Industries has completed its acquisition of Woulfe Mining Corp by acquiring all of the outstanding shares of Woulfe in compliance with the Business Corporations Act of British Columbia (BCBCA). Woulfe’s flagship asset is the Sangdong Tungsten Project in South Korea.

Almonty’s president and CEO Lewis Black said, “We are pleased to have reached this milestone and continue to believe that the marriage of Woulfe’s flagship Sangdong project to Almonty’s existing portfolio of producing assets will benefit all of Almonty’s shareholders.

“This acquisition furthers our goal of becoming the leading producer of tungsten concentrate outside of China with assets located in secure, mining friendly, jurisdictions.

The merger provides investors with an ideal way to gain broader exposure to the tungsten sector and strategically positions the company to benefit from the expected upturn in the commodity price.”

Almonty also intends to complete a non-brokered private placement of a secured convertible debenture in the principal amount of $4 million, a non-brokered private placement for aggregate gross proceeds of $1.68 million as well as complete an unsecured bridge financing of $2.1 million for combined total gross proceeds of $7.78 million.

The principal business of Toronto, Canada-based Almonty Industries is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain and its Wolfram Camp Mine in North Queensland, Australia.

The Los Santos Mine was acquired by Almonty in September 2011, is about 50km from Salamanca in western Spain and produces tungsten concentrate. The Wolfram Camp Mine was acquired by Almonty in September 2014, is about 130km west of Cairns in North Queensland, and produces tungsten and molybdenum concentrate.

Almonty also has an option to acquire a 100% ownership interest in the Valtreixal tin-tungsten project in northwest Spain.

Woulfe Mining Corp, through its wholly-owned subsidiary Sangdong Mining Corporation, is dedicated to developing the Sangdong tungsten-molybdenum mine which was historically one of the largest tungsten mines in the world and one of the few long life, high-grade tungsten deposits located outside China.