27 February 2023
(February 27, 2023) American West Metals Ltd (“AW1” or “the Company”) is pleased to announce that it has placed a total of 53,108,353 ordinary fully paid shares (“Shares”) to sophisticated investors pursuant to s708(8) of the Corporations Act (Cth) 2001 at an issue price of $0.05 per Share, to raise a total of $2,655,418 (before expenses) (“Placement Offer”).
Subject to receipt of shareholder approval (at a general meeting of shareholders proposed to be held prior to 30 June 2023), the Company will issue one (1) free attaching unlisted option to acquire a Share, with an exercise price of $0.10 and an expiry date of 30 November 2026 (“Option”) for every two (2) Shares subscribed for and issued under the Placement Offer to participants in the Placement Offer.
31,865,012 Shares will be issued using the Company’s Listing Rule 7.1 placement capacity and 21,243,341 Shares will be issued using the Company’s Listing Rule 7.1A placement capacity.
Directors John Prineas, Mike Anderson and Daniel Lougher (or their nominees) also intend to participate in the Placement. The issue of Shares to Directors Mike Anderson, Daniel Lougher and John Prineas will be subject to the receipt of shareholder approval at the Company’s upcoming general meeting.
It is the intention of the directors to apply funds from the Placement Offer and Rights Offer as follows;
A further update on progress and preparations for the 2023 Storm Copper drilling and exploration program will be made within the coming weeks.