Almonty targets Nasdaq listing
Tungsten producer Almonty Industries has announced plans to list on the Nasdaq Capital Market as it kicks off a public share offering in the US, aiming to boost its funding base and expand its strategic presence in North America.
The company, which is already listed on the TSX and ASX, said on Tuesday that it had filed a registration statement with regulators in Canada and the US.
“We are pleased to announce our application to list on the Nasdaq concurrent with a US public offering, helping us to secure our position as a leading supplier of tungsten to the US and its allies,” CEO Lewis Black said. “As global geopolitical tensions continue to rise, we believe the demand and pricing outlook for tungsten could remain robust for some time.”
Almonty will use the proceeds from the offering primarily to fund the development of its planned tungsten oxide processing facility, as well as for working capital and other general purposes.
The company’s Sangdong project in South Korea, currently under construction, is expected to be one of the world’s few long-life, high-grade tungsten mines outside China. Almonty also operates the Panasqueira mine in Portugal, which continues to ship tungsten concentrate, and holds a significant molybdenum deposit adjacent to Sangdong.
While the exact size and pricing of the US offering have not yet been finalised, trading on the Nasdaq is expected to begin once pricing is complete and regulatory approvals are secured. Almonty’s shares will trade under the ticker symbol “ALM” on the Nasdaq. Upon successful listing, trading on the OTCQX market will cease.
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