American West Metals Raises A$7.8 Million to Accelerate Storm Copper Project in Canada
American West Metals Ltd ("AW1" or "the Company") has successfully secured A$7. 8 million in funding through a combination of a Flow-Through Shares (FTS) placement and a placement of ordinary fully paid shares. The capital raised will be used to expedite exploration activities at the Storm Copper Project, a highly promising copper deposit in Canada.
The FTS placement, conducted under the Income Tax Act (Canada), has resulted in A$6. 755 million being raised. This placement allows the Company to utilise the provisions under Canadian tax law to issue shares to investors. The FTS shares were placed at A$0.
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19181 per share, representing a 20% premium to American West's closing price of A$0. 16 per share on July 10, 2023.
Coinciding with the FTS placement, American West is also undertaking a placement to raise an additional A$1. 05 million. This placement is being offered to sophisticated investors and will comprise ordinary fully paid shares placed at A$0. 14 per share.
The successful equity raising efforts have further strengthened American West's balance sheet, enabling the Company to accelerate exploration activities at the Storm Copper Project. The funding will support resource drilling activities at the near-surface deposits, which have already shown significant potential as a copper deposit. Additionally, an expanded diamond drill program will be implemented to test the large geophysical targets that could unlock the full potential of the Storm Copper Project.
Dave O'Neill, American West Managing Director, expressed his delight at the high level of interest in the capital raising from quality investors in Australia and globally. O'Neill also highlighted the benefits of raising funds at a premium to the current share price, providing the Company with additional working capital while minimising dilution to existing shareholders. The accelerated exploration and drilling activities at the Storm Copper Project are expected to unlock the full potential and value of this promising resource.
With the funding secured and plans in place, American West is well-positioned to advance their exploration efforts and maximise the potential of the Storm Copper Project.
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