Almonty Industries (ASX:AII) has announced plans to raise $3.5M by issuing 4.86 million new Chess Depository Interests (CDIs) at $0.72 per CDI.

Canada-based Almonty Industries specialises in the mining, processing and shipping of tungsten concentrate.

It says RM Corporate Finance acted as Lead Manager to the placement and will be paid 6% of the gross proceeds.

Following the announcement, shares of Almonty Industries were unchanged at $0.72.