Almonty Industries (ASX:AII) priced its US underwritten public offering of 20 million common shares at $4.50 each, raising total gross proceeds of $90 million, according to a Tuesday filing with the Australian bourse.

Proceeds will be used to fund the development of the company's tungsten oxide facility in South Korea, as well as for working capital and general corporate purposes, the filing said.

The offering is expected to close Tuesday.