13 July 2023
Thursday, 13th July 2023
American West Metals Ltd (“AW1” or “the Company”) is pleased to announce that it has received firm commitments to raise A$7.8 million via a combination of a Flow-Through Shares (FTS) placement under the Income Tax Act (Canada) (FTS Placement) and a placement of ordinary fully paid shares (Institutional Placement) to sophisticated investors pursuant to s708(8) of the Corporations Act (Cth) 2001 and ASX Listing Rules 7.1 and 7.1A.
Dave O’Neill, American West Managing Director said:
“American West is delighted with the high level of interest in this capital raising from quality investors in Australia and globally.
“The opportunity to raise funds at a significant premium to the current share price provides the Company with additional working capital while minimising dilution to existing shareholders.
“This funding will allow the Company to further ramp up exploration and resource drilling activities at the near-surface deposits at Storm – already shaping-up as a very significant copper deposit – and to implement an expanded diamond drill program to test the large geophysical targets that could unlock the full potential at Storm.”
Flow Through Placement Raises A$6.755 Million at a Premium
American West has received firm commitments under the FTS Placement to raise C$6,000,000 (A$6,755,000)2 (before costs) through the issue of 35,231,944 shares at an issue price of C$0.1703 (A$0.1918) per share (New FTS Shares).