07:37 AM EDT, 03/25/2024 (MT Newswires) -- Almonty Industries Inc. ( ALMTF ) said over the weekend that it raised $1.5 million after closing a private placement of 2,668,000 units priced at $0.55 apiece.

Each unit comprises one share and one warrant exercisable at $0.74 per share for 24 months.

Almonty said it also expects to raise an additional $989,700 by closing further tranches of the offering in which company executives will be participating.

Almonty also said it has received firm commitments to raise A$201,500 through the issuance of 325,000 placement chess depository interests units priced at A$0.62 apiece. Each CDI unit will comprise one CDI with an underlying common share, and one unlisted option exercisable at A$0.84 for 24 months.

The company plans to use the proceeds to fund general working capital, including accelerating the downstream project planning and further investigation of molybdenum due to increasing interest in the material domestically.

Almonty owns tungsten mines including the Los Santos mine in Spain and the Sangdong property in South Korea.