American West Metals Limited (ASX:AW1) Secures A$5.9M Equity Raising
Equity Raising
American West Metals Limited (ASX:AW1) has secured approximately A$5.9 million through a single tranche placement. This funding is part of a larger A$14.4 million initiative aimed at the growth and development of the Storm Copper Project in Canada. The placement attracted both new and existing institutional and overseas investors, highlighting strong confidence in the project’s potential.
Use of Funds
The raised funds will accelerate large-scale regional exploration, expand and upgrade resources through drilling at existing discoveries, and support corporate and general working capital. This follows previous funding from Taurus Royalty Fund and Ocean Partners, contributing to the overall funding strategy for the Storm Copper Project.
Share Purchase Plan
A Share Purchase Plan (SPP) will be launched, allowing existing shareholders to purchase up to A$30,000 worth of New Shares on the same terms as the placement. This initiative aims to raise an additional A$1 million, providing existing investors the opportunity to further participate in the growth of American West Metals.
Executive Comments
Managing Director Dave O’Neill stated, “We are extremely pleased to successfully execute an equity raising as part of a A$14.4 million funding package for the Storm Copper Project. The raising was heavily oversubscribed by both Australian and international investors, reflecting strong confidence in the quality of the Storm Project and its substantial potential for value creation. Exploration in 2024 delivered several new discoveries and a pipeline of targets that we will follow-up in 2025. The funding package will allow American West to execute the dual strategy of aggressive exploration and streamlined development during 2025. We look forward to updating investors as the work programs are finalised and get underway.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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