Global Tungsten Acquires Shares in Almonty Industries Inc.

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MONTREAL, July 23, 2021 /CNW/ - Global Tungsten & Powders Corp. ("GTP") announces that on July 13, 2021 it acquired 10,587,056 common shares of Almonty Industries Inc. ("Almonty") (the "Shares") (which Shares are held and under common control by GTP Europe S.A.R.L. ("GTP Europe")) representing approximately 4.88% of the then issued and outstanding common shares of Almonty on a non-diluted basis.

Prior to the transaction, GTP had control over 27,562,500 common shares of Almonty (which shares are held and under common control by GTP Europe) and a convertible debenture in the principal amount of US$172,772 (the "Debenture"). Assuming the conversion in full of the Debenture, GTP would acquire control over a maximum of 28,375,571 common shares of Almonty (which shares would be held and under common control by GTP Europe). These combined holdings would represent approximately 14.73% of the then outstanding common shares of Almonty, calculated on a partially diluted basis assuming the full conversion of the principal amount of the Debenture only.

Immediately after the transaction, GTP has control over 38,149,556 common shares of Almonty (which shares are held and under common control by GTP Europe) representing approximately 17.59% of the issued and outstanding common shares of Almonty on a non-diluted basis and the Debenture. Assuming the conversion in full of the principal amount of the Debenture, GTP would acquire control over a maximum of 38,962,627 common shares of Almonty (which shares would be held and under common control by GTP Europe). These combined holdings would represent approximately 17.90% of the outstanding common shares of Almonty, calculated on a partially diluted basis assuming the full conversion of the principal amount of the Debenture only.

GTP acquired the Shares for investment purposes only and not with a view to materially affecting control of Almonty. Depending upon market conditions and other factors, GTP may, from time to time, acquire or dispose of additional securities of Almonty, in the open market, by private agreement or otherwise, or acquire interests in or enter into related financial instruments involving a security of Almonty.

The head office address of Almonty is 100 King Street West, Suite 5700, Toronto, ON M5X 1C7.

SOURCE Global Tungsten & Powders Corp.