Mannheim/Toronto. Deutsche Rohstoff and Almonty Industries agreed to extend an existing convertible bond in the principal amount of CAD 6,000,000 in favor of Deutsche Rohstoff by two years to March 2019. The bond was issued to Deutsche Rohstoff in September 2014 as part of the consideration for the sale of the Wolfram Camp mine to Almonty.
In addition to the extension of the maturity date, Almonty and Deutsche Rohstoff agreed to settle the outstanding interest on the bond in the amount of CAD 422,103 through the issuance of Almonty shares to Deutsche Rohstoff. Such shares are to be issued at a price per share of CAD 0.35, resulting in the issuance of 1,206,574 shares. Furthermore, Deutsche Rohstoff will receive an additional 283,914 shares as a compensation for the outstanding interest on a promissory note due in January 2019. Such shares are to be issued at a price per share of CAD 0.28.
Almonty had announced on Friday that Global Tungsten and Powders (GTP), the main off-taker of tungsten concentrate produced by Almonty, will terminate a loan with an outstanding amount of CAD 9,4 million including interest and obtain 27,56 million Almonty shares as a compensation. GTP will hold 19.9% of the outstanding shares of Almonty after the transaction. Deutsche Rohstoff's stake in Almonty will stand at 10.3% (currently 11.9%) after all new shares will have been issued.
Mannheim, 25 April 2017
Deutsche Rohstoff identifies, develops and divests attractive resource projects in North America, Australia and Europe. The focus is on the development of oil and gas opportunities within the United States. Metals, such as gold, copper, rare earth elements, tungsten and tin complete our portfolio. For more information please visit www.rohstoff.de.
Contact:
Deutsche Rohstoff AG Thomas Gutschlag, CEO Tel. +49 621 490 817 0 info@rohstoff.de
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Mannheim/Toronto. Deutsche Rohstoff and Almonty Industries agreed to extend an existing convertible bond in the principal amount of CAD 6,000,000 in favor of Deutsche Rohstoff by two years to March 2019. The bond was issued to Deutsche Rohstoff in September 2014 as part of the consideration for the sale of the Wolfram Camp mine to Almonty. 
