Capital Raise

From the AFR

American West Metals is piggybacking off a flurry of copper deals with a capital raising to fund its drilling activities.

The ASX-listed explorer, which has copper and zinc projects across North America, will launch as early as Friday a $4 million to $6 million part institutional, part retail equity raising via brokers Alpine Capital and Blue Ocean Equities, according to fund manager sources.

The offer will be priced at 4¢ per share – a 21.6 per cent discount to the last close – with one free option per two new shares issued, the sources said.

American West will use the proceeds, alongside existing cash and $3.1 million from its offtake partner Ocean Partners, to undertake “an aggressive drilling campaign over the northern summer period”, fundies were told.