FinTechFunding

Almonty: Raises US$3.3m to lock in Sangdong loan

Almonty Raises US$3.3m to lock in Sangdong loan

  • Almonty (AII) takes another big step to securing a US$75.1 million (A$109 million) loan from a German Bank, after raising US$3.3 million in a private placement
  • The company is looking to rebuild the massive Sangdong tungsten mine in South Korea and a condition of the deal was to pay certain fees
  • The company has now paid off those fees with the help of the capital raise and is waiting on the bank to approve the big loan
  • The company expects the loan to be confirmed around May 21 and it will then be able to start drawing money and developing the Sangdong mine
  • The company has ended the day in they grey with shares closing at 85 cents each
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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