The investment firm purchased $2.7 million worth of shares
Toronto-based tungsten miner Almonty Industries got a shot in the arm from JP Morgan Asset Management (JPAM), with the latter subscribing for 5 million common shares in the firm.
The gross proceeds from the private placement financing reached $2.7 million, reflecting the common share price of $0.54/share.
The subscription agreement pushes JPAM’s stake in the firm to around 9-10%, following the issuance of shares to other parties since the investment group’s last subscription in August 2016.
The closing of the share proceeds is subject to the approval of the TSX Venture Exchange.
Almonty will award a commission equal to 4% of the gross proceeds, or around $180,000, to Somers and Partners.
The mining firm is planning to use the proceeds of the issuance for the financing of their Korean Sangdong mine. Part of the proceeds will be utilized for general working capital purposes.
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The gross proceeds from the private placement financing reached $2.7 million, reflecting the common share price of $0.54/share.
The subscription agreement pushes JPAM’s stake in the firm to around 9-10%, following the issuance of shares to other parties since the investment group’s last subscription in August 2016.
The closing of the share proceeds is subject to the approval of the TSX Venture Exchange.
Almonty will award a commission equal to 4% of the gross proceeds, or around $180,000, to Somers and Partners.
The mining firm is planning to use the proceeds of the issuance for the financing of their Korean Sangdong mine. Part of the proceeds will be utilized for general working capital purposes.
For more of Wealth Professional's latest industry news, click here.
Related stories:
Foreign investment firms set up shop in Canada
Advisor: These are my top stock selections
