American West Metals Ltd (ASX:AW1, OTCQB:AWMLF) has received firm commitments to raise A$10 million through an institution-led strategic placement to domestic and global institutional, sophisticated and professional investors.
The placement will comprise 222,222,223 new fully paid ordinary shares at A$0.045 per share, with 1 free AW1O option to be issued for every 2 shares subscribed, subject to shareholder approval at a general meeting.
American West said the placement was heavily oversubscribed, reflecting support for its critical metals portfolio and near-term exploration plans.
Funds raised will be used to build momentum across the company’s 100%-owned West Desert Project and 80%-owned Storm Copper Project.
At West Desert, where drilling is already underway, American West plans to upsize and accelerate the program to test a large pipeline of targets for indium, gallium, germanium and tellurium, as well as silver, zinc and copper.
Plan view of the recent sampling locations from the Dump sampling program (showing silver values, and selected other metals in call-outs), overlaying Mine Dump outlines (shaded white), mining claim boundaries, West Desert Deposit outline, and aerial photography.
“American West is delighted with the high level of interest in this capital raising from quality investors in Australia and globally, and we thank investors for their support," American West Metals managing director Dave O’Neill said.
“This funding will allow the company to implement expanded drilling and exploration programs with the immediate focus being to test the pipeline of critical metals targets at West Desert which include targets for indium, gallium and copper.”
About American West
American West is focused on discovering and developing major base metal deposits in Tier 1 North American jurisdictions.
Its critical metals portfolio in Utah and Canada includes established resource inventories and high-grade mineralisation with the potential to support robust mining operations.
The company’s strategy is centred on low-footprint mine development to support the global energy transition, underpinned by ethical extraction, responsible processing and meaningful engagement with local communities.
Led by an experienced management team, American West is working to build a sustainable business capable of delivering strong shareholder returns and broader economic benefits for stakeholders.