Almonty Industries: Shareholders Approve US Domestication with Overwhelming Majority
Toronto, Canada – Almonty Industries Inc. (Almonty or the Company), a leading global producer of tungsten and molybdenum, is thrilled to announce that its shareholders have given their approval for the Company’s proposed continuance from Canada to the State of Delaware, USA (US Domestication).
Shareholders’ Approval
The special resolution, which required a two-thirds majority for approval, was passed with an impressive 99.96% of the votes cast. This outcome is a clear indication of the strong support from Almonty’s shareholders for the US Domestication.
What is US Domestication?
US Domestication is a legal process that enables a foreign corporation to become a US corporation while maintaining its existence as a foreign corporation in its home country. In this case, Almonty aims to continue as a Delaware corporation, while retaining its Canadian listing and Canadian operations.
Why the US Domestication?
Almonty has chosen to undergo the US Domestication to take advantage of the business-friendly environment and legal framework in Delaware. This move is expected to simplify the Company’s corporate structure, enhance its access to the US capital markets, and potentially reduce certain corporate tax obligations.
Impact on Shareholders
The US Domestication will not affect the rights or interests of Almonty’s shareholders. Their shares will automatically convert into shares of the newly formed Delaware corporation on a one-for-one basis. Shareholders do not need to take any further action at this time.
Impact on the World
Almonty’s US Domestication is not expected to have a significant impact on the global tungsten and molybdenum markets. The Company remains committed to maintaining its operations in Canada and producing high-quality minerals for its customers around the world.
Conclusion
Almonty’s successful approval of the US Domestication is a significant milestone for the Company. This strategic move is expected to provide numerous benefits, including a simplified corporate structure, enhanced access to capital markets, and potentially reduced corporate tax obligations. Shareholders’ strong support for this initiative underlines their confidence in Almonty’s future growth prospects.
- Almonty’s shareholders have approved the US Domestication with an overwhelming majority.
- The process involves continuing as a Delaware corporation while retaining Canadian operations and listings.
- The move aims to simplify the corporate structure, enhance access to capital markets, and potentially reduce tax obligations.
- Shareholders’ rights and interests will not be affected, and no further action is required at this time.
- The impact on the global tungsten and molybdenum markets is expected to be minimal.
- The US Domestication is a significant milestone for Almonty, reflecting shareholders’ confidence in the Company’s future growth prospects.
