07:29 AM EDT, 05/22/2024 (MT Newswires) -- Almonty Industries ( ALMTF ) , which jumped 2.8% yesterday to hit a 52-week high, overnight Tuesday said it has closed a fourth tranche of its March 2024 private placement, selling 3 million placement chess depository interests units (CDIs) at A$0.62 each. Almonty is scheduled to close on an additional 1.1 million common share units at C$0.55 each on May 23.

The company has received firm commitments to raise a further A$1.2 million, representing the final tranche of the March placement which has now closed.

Each CDI participant will be issued one free unlisted option for every one CDI issued exercisable at A$0.84 with an expiry date of 24 months. Each common share unit participant will be issued one share purchase warrant for every one common share exercisable at C$0.74 for 24 months.

Proceeds from the placement will be applied towards general working capital and offer costs, the company said.

Almonty has also issued 10.25 million shares to Dundee Resources (DC-A.TO), which in January said it would convert its entire holdings of long-term Almonty debt plus related accrued interest into shares of the company.