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
