American West Metals raises exploration cash
PERTH (miningweekly.com) – Junior American West Metals has received firm commitments to raise A$3.4-million in a share placement to institutional, sophisticated and professional investors, to fund exploration work at its copper and zinc projects in the US and Canada.
American West Metals will issue more than 27.39-million shares, at a price of 12.5c each under the company’s existing placement capacity, with subscribers receiving one free-attaching option for every two shares subscribed for, with an exercise price of 20c each and an expiry in September 2024.
“It’s fantastic to receive such strong support for the placement, with interest well exceeding our modest placement capacity. The funding enables us to not only deliver a Joint Ore Reserves Committee-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,” said MD Dave O’Neill.
“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 programme 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, situated approximately 15 km to the southeast of the project.”
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