American West Metals Ltd (ASX:AW1) has placed a total of 53,108,353 ordinary fully paid shares to sophisticated investors to raise a total of A$2,655,418.
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.
Subsequent to completion of the Placement Offer, the company intends to undertake a pro-rata non-renounceable rights issue of one Share for every five Shares held by those shareholders registered at the Record Date (defined below) at an issue price of $0.05 per Share together with one free attaching Option for every two Shares applied for and issued to raise approximately A$2,665,418.
The Rights Offer is fully underwritten by RM Corporate Finance.
It is the intention of the directors to apply funds from the Placement Offer and Rights Offer as follows;
i. exploration and expenses associated with the Storm Copper Project in Canada;
ii. provision of funds for regional exploration at the West Desert and Copper Warrior Projects in Utah, USA;
iii. expenses of the Placement Offer and Rights Offer; and
iv. working capital and administration expenses.
For further information please visit: https://www.americanwestmetals.com/