American West Metals Ltd (ASX: AW1) has placed a total of 32.5M ordinary fully paid shares to investors pursuant to s708(8) of the Corporations Act 2001 at an issue price of US$0.095 per share, to raise a total of US$3,087,500.
All shares will be issued using the company’s listing rule 7.1 placement, and funds will be applied primarily towards an expansion of the drill programme at the Storm Copper Project in Canada, as well as for working capital and administration expenses.
American West managing director, Dave O’Neil, commented “It is very pleasing to be able to expand the 2023 drill programme so that we can aggressively test the new geophysical targets and to provide further opportunity to significantly increase the known copper endowment at Storm.”
Strong investor support for the placement highlights the rarity of projects like Storm Copper – a high-grade copper project located in a tier one mining jurisdiction – and the potential for upcoming drilling of new geophysical targets to deliver a significant discovery.
Directors John Prineas and Daniel Lougher also intend to participate in the placement.
A lead manager fee of 2% and a placement fee 4% of the value of the funds raised is payable to RM Corporate Finance Pty Ltd., which acted as lead manager to the placement offer.
To find out more, please visit www.americanwestmetals.com
