Almonty Industries (ASX:AII) is set to list on the Nasdaq stock exchange after raising US$90 million (A$137.52 million) through a US underwritten public offering. The funds will be used to advance the development of its tungsten oxide facility. Almonty is a global tungsten producer, focused on mining, processing, and shipping tungsten concentrate from its various projects. The company aims to become a leading supplier of tungsten, a critical mineral used in various industries.
The company will issue 20 million shares at US$4.5 each, trading under the ticker code ‘ALM’ on the Nasdaq, commencing 14 July, with the offering expected to close around 15 July. Almonty had suspended trading on the OTCQX on 11 July in anticipation of the Nasdaq listing. This move aims to solidify Almonty’s position in the US tungsten sector, particularly amid current global geopolitical tensions.
D.A. Davidson & Co. is serving as the lead manager for the offering. Scotiabank is the co-manager, while Oppenheimer & Co. and Cantor are joint bookrunners. These firms have been granted a 30-day option to purchase up to 3 million additional shares. Almonty’s CEO, Lewis Black, expressed satisfaction with investor support, noting that the offering was oversubscribed.
Black stated that the US listing and ongoing redomiciling initiatives reflect Almonty’s growing status as a key tungsten supplier to America, particularly for defence needs. Tungsten, prized for its high melting point and use in hardening metals, is crucial for defence applications. Almonty is collaborating with US-based Tungsten Parts Wyoming and Metal Tech to supply tungsten for these purposes.
