- American West Metals (AW1) taps investors for more than $3 million to expand its drill program at the Storm copper project in Canada
- The company will issue 32.5 million shares to investors at 9.5 cents apiece via a placement
- AW1 Directors John Prineas and Daniel Lougher also intend to participate in the placement, subject to shareholder approval
- The funds will go towards an expansion of AW1’s drill program at the Storm copper project, plus working capital and administration expenses
- American West Metals is up 12.5 per cent and trading at 13.5 cents at 1:02 pm AEST
American West Metals (AW1) has tapped investors for more than $3 million to expand its drill program at the Storm copper project in Canada.
The company will issue 32.5 million shares to sophisticated investors at 9.5 cents apiece via a placement.
AW1 Directors John Prineas and Daniel Lougher have also announced their intention to participate in the placement, subject to shareholder approval.
AW1 reported that the funds would go toward an expansion of the drill program at the Storm copper project, plus working capital and administration expenses.
The funding is designed to unlock the potential for upcoming drilling of new geophysical targets to deliver a “significant discovery”.
“It is very pleasing to be able to expand the 2023 drill program so that we can aggressively test the new geophysical targets and to provide further opportunity to significantly increase the known copper endowment at Storm,” AW1 Managing Director Dave O’Neill said.
RM Corporate Finance acted as Lead Manager to the placement and will receive a fee of two per cent and a placement fee of four per cent of the value of the funds raised.
The company will also issue 3.5 million unlisted options exercisable at 25 cents per share by September 2027 to the Lead Manager.
AW1 was up 12.5 per cent and trading at 13.5 cents at 1:02 pm AEST.