Almonty Industries (ASX:AII) is seeking to list on the Nasdaq capital market under the ticker code ALM, concurrently with a US underwritten public offering.
The company intends to use the proceeds from the offering to fund the development of its projected tungsten oxide facility, as well as general working capital and corporate purposes.
Oppenheimer & Co and Cantor are acting as joint bookrunners for the listing. D.A. Davidson & Co is acting as lead manager, while Scotiabank is acting as co-manager for the offering.
Upon receiving all necessary approvals and the company’s shares being traded on the Nasdaq, Almonty’s shares trading on the OTCQX will cease.
The Nasdaq is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranks second on the list of stock exchanges by market capitalisation of shares traded, behind the New York Stock Exchange.
CEO Lewis Black says applying to list on the Nasdaq concurrent with a US public offering will help the company secure its position as a tungsten supplier to the US and its allies.
“As global geopolitical tensions continue to rise, we believe the demand and pricing outlook for tungsten could remain robust for some time,” Black says.
“I look forward to continued operational execution in the months ahead as we strive to create sustainable, long-term value.”
Almonty Industries is a diversified tungsten producer focused on its assets in Portugal, South Korea, China, and Spain.
Write to Aaliyah Rogan at Mining.com.au
Images: Almonty Industries
