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Almonty Industries Inc. (ALM) announced the pricing of its underwritten public offering of 20 million common shares at $4.50 per share, generating gross proceeds of $90 million. The tungsten concentrate producer has also commenced trading on the NASDAQ Capital Market under the ticker symbol "ALM".
The offering was oversubscribed and upsized from an earlier amount, according to the company’s press release. Almonty granted underwriters a 30-day option to purchase an additional 3 million shares at the offering price.
Oppenheimer & Co. and Cantor served as joint bookrunners for the offering, with D.A. Davidson & Co. as lead manager and Scotiabank as co-manager. The offering is expected to close on July 15, 2025, subject to customary closing conditions.
The company plans to use net proceeds primarily to fund development of its tungsten oxide facility and for working capital and general corporate purposes. Almonty currently operates the Panasqueira Mine in Portugal and is constructing the Sangdong Mine in South Korea.
Trading of Almonty’s shares on the OTCQX was suspended at market close on July 11, 2025, pending the NASDAQ listing. The company’s shares continue to trade on the Toronto Stock Exchange under "AII" and the Australian Securities Exchange under "AiiDA".
The offering was conducted through a registration statement filed with securities regulators in Canada and the United States under the Multi-Jurisdictional Disclosure System.