02:27 PM EDT, 06/05/2026 (MT Newswires) -- (Updates with the latest stock movement in the headline and the first paragraph.)

Almonty Industries ( ALM ) shares were down more than 19% in Friday trading after the company said it priced a private offering of $700 million worth of 2.25% convertible senior notes due 2031.

The notes will have an initial conversion rate of 36.495 common shares per $1,000 in principal amount of notes, representing an initial conversion price of about $27.40 per share.

The company granted initial purchasers a 13-day option to purchase up to $100 million worth of notes.

The issuance and sale of the notes are scheduled to settle Monday.

Net proceeds from the offering are estimated to be about $675.9 million, or about $772.7 million if the initial purchasers fully exercised their overallotment option.

The company said it intends to use about $83 million of the proceeds to fund the costs of entering into capped call transactions, while about $50 million will be used to refinance existing debt, with the remainder to be used for working capital and general corporate purposes.

Price: 16.70, Change: -3.98, Percent Change: -19.25