Company Announcement: Capital Raising Completed
Australian-American Mining Corporation Limited is pleased to announce that it has completed a placement to sophisticated investors of 21,558,533 shares at 4.2 cents per share to raise $905,000 before costs. Funds raised will be used to further advance the company’s Bluebell and De Soto VMS copper/ gold/ silver projects located in Arizona, USA. The company is currently in the process of completing an initial 5,000m Reverse circulation (“RC”) drilling program on the Bluebell project. The initial placement was managed and completed by Peloton Capital. The placement, which was made to clients of Peloton and DJ Carmichael who are exempt investors for the purposes of section 708 of the Corporations ACT 2001 (Cth), was completed at 4.2 cents per share and will also include one free option for every two shares subscribed for. The issue of these attaching options is subject to shareholder approval at a General Meeting of the company which will be held in March 2013. The options will initially be unlisted, however following the general meeting the company will apply to the ASX to have the options quoted.
At the general meeting the company will also seek approval for a further placement of up to 60,000,000 ordinary shares (Raising 2) on terms no less favourable than the initial raising, which is 4.2 cents per share with one attaching free option for every two shares subscribed for. If the two raisings are successfully completed, the company will be funded sufficiently to advance its projects throughout the 2013 calendar year. The planned work includes two further drilling programs, airborne geophysics, a maiden resource at Bluebell as well as paying the first instalment of the option fee to purchase 100% of the two projects.
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