Tungsten producer Almonty slides after upsized $112.5 million share sale

Shares of tungsten concentrate producer Almonty Industries ALM.O plunge as much as 16.5%; last down 12.9% at $6.88

ALM sold 18 million shares at $6.25 apiece in an upsized stock offering for gross proceeds of $112.5 million

Stock offering boosted from initial size of 15 million shares and priced at 20.9% discount to last close

BofA Securities was lead bookrunning manager of offering

Proceeds will be used to fund work at the Gentung Browns Lake Tungsten Project, the Panasqueira Mine, and the Sangdong Molybdenum Project, among other purposes

ALM went public in the U.S. in July after a $90 million upsized IPO

As of last close, ALM stock up 743% YTD