American West Metals Limited (ASX: AW1) has completed a private placement to institutional, sophisticated and professional investors to raise new funds to advance its high-quality copper and zinc projects in the USA and Canada.
The Placement was strongly supported by domestic and international investors, reflecting the strong investor interest in the company’s development and growth opportunities at its projects.
Commitments to raise A$2,681,593 (before costs) have been received for a placement of 21,452,750 new shares at A$0.125 per share, representing the company’s full Listing Rule 7.1 placement capacity.
New funds will be applied towards exploration and development activities at the company’s Projects including:
West Desert Project:
– Maiden JORC compliant Mineral Resource Estimation (MRE) to be issued in H2, 2022
– Continuation of metallurgical test work on oxide and transitional ores
– Mining and development studies – Environmental baseline surveys
Storm/Seal Projects:
– Continuation of the resource definition drilling at Storm to support a potential JORC compliant MRE during H2, 2022
– Exploration drilling to test high-priority electromagnetic targets that may represent further zones of massive copper sulphide
– Beneficiation and initial mining studies for a potential DSO operation at Storm
– Environmental studies
Copper Warrior Project:
– Inaugural drilling programme to test recent IP geophysical and stratigraphic targets
“We are very pleased to have received such strong support for the placement which will enable us to maintain our aggressive exploration approach across our project portfolio,” Dave O’Neill, American West’s Managing Director, said.
“Whilst Drilling continues 24/7 at the Storm Copper Project, scoping study and resource estimation activities are also underway on the West Desert Project. The results of these activities will provide strong news flow over the coming months.
“I’d like to thank our existing shareholders for their strong ongoing support and welcome any new shareholders aboard. We look forward to providing further updates on our activities in the coming weeks.”
For further information please visit: https://www.americanwestmetals.com/
