American West Metals Limited (ASX: AW1) has completed a private placement to institutional, sophisticated and professional investors to raise A$3,424,458 in 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. In particular, the company introduced a number of new offshore institutions to the register.
Canaccord Genuity (Australia) Limited and RM Corporate Finance Pty Ltd acted as Joint Lead Managers to the Placement.
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
– PFS level mining and development studies
– Environmental baseline surveys
Storm/Seal Projects:
– Follow-up resource definition drilling at the 2750N, 4100N and 2200N Zones
– Exploration drilling targeting further discoveries of sedimentary copper mineralisation
– Beneficiation and initial mining studies for a potential DSO operation at Storm
– Commence environmental studies
Copper Warrior Project:
– Maiden drilling programme to test recent IP geophysical and stratigraphic targets
“It’s fantastic to receive such strong support for the Placement, with interest well exceeding our modest placement capacity,” Managing Director, Dave O’Neill, said.
“The funding enables us to not only deliver a JORC compliant resource at West Desert, which we expect to announce very soon, but also continue exploration activities across our portfolio of high quality copper and zinc projects. So far this year, the results from our exploration work have been exceptional, with drilling intercepts from the Storm Project being among the best results reported to ASX.
“We are looking forward to commencing the first drilling program at our Copper Warrior Project, and we hope to mirror the success of our neighbours in the Paradox Basin, such as the Lisbon Valley copper mine (which hosts 37Mt @ 0.46% Cu), situated approximately 15km to the south-east of the project. Combined, these activities will provide strong news flow over the coming months.
“I welcome new shareholders and thank our existing shareholders for their continued endorsement of our growth strategy. We intend to deliver on our plans and look forward to the journey ahead.”
For further information please visit: https://www.americanwestmetals.com/
