26 June 2023
(June 26, 2023) American West Metals Ltd (“AW1” or “the Company”) is pleased to announce that it has placed a total of 32,500,000 ordinary fully paid shares (“Shares”) to sophisticated investors pursuant to s708(8) of the Corporations Act (Cth) 2001 at an issue price of $0.095 per Share, to raise a total of $3,087,500 (before expenses) (“Placement Offer”).
All Shares will be issued using the Company’s Listing Rule 7.1 placement.
Funds will be applied principally towards an expansion of the drill program at the Storm Copper Project in Canada as well as for working capital and administration expenses.
Strong investor support for the Placement highlights the rarity of projects like Storm Copper – a high-grade copper project located in a tier one mining jurisdiction – and the potential for upcoming drilling of new geophysical targets to deliver a significant discovery.
Dave O’Neill, American West Managing Director said: “We thank investors for their support of the Placement as we continue to advance the Storm Copper Project.
“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.”