Tungsten miner Almonty shareholders approve move to US
Tungsten mining company Almonty Industries has secured shareholder approval to shift its corporate domicile from Canada to Delaware, a move that the company said would enhance its strategic positioning in the US.
At a special meeting, 99.96% of shareholders voted in favor of the change.
"The domestication gives Almonty great optionality going forward and reflects the growing importance of the United States in our strategic positioning, particularly given its strong regulatory framework for critical materials such as tungsten and molybdenum," said CEO Lewis Black.
"It will also align our corporate structure with the location of a significant portion of our shareholder base and is expected to enhance Almonty’s long-term competitiveness in light of global geopolitical tensions and policies in key economies shifting to encourage domestic sourcing of critical raw materials. I want to thank shareholders for overwhelmingly supporting this important milestone initiative for Almonty."
The move is expected to be executed through a court-approved plan of arrangement under Section 192 of the Canada Business Corporations Act. The company is set to seek a final order from the Ontario Superior Court of Justice on Tuesday.
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