American Tungsten (CSE:TUNG) is set to advance the IMA Mine Project in the US, after announcing its intention to raise C$35 million ($35.7 million) via a bought deal private placement.
The company has entered into an agreement with Stifel Canada to act as the lead underwriter and sole bookrunner of the private placement.
On behalf of a syndicate of underwriters, Stifel Canada has agreed to purchase 7.15 million units at C$2.80 per unit.
Each unit will comprise one Class A common share of American Tungsten and half of a common share purchase warrant. Each warrant will be exercisable to purchase one common share at C$3.75 within a 36-month period.
The offering is scheduled to close on or about 18 March 2026 and is subject to certain conditions.
This news comes after American Tungsten received results from an underground drill program which shows the IMA Mine as a ‘robust and laterally extensive’ tungsten-silver system.
To date, drilling has expanded the extent of the no.5 and no.7 vein system over 300 feet up-dip of the D-level and over 350 feet along strike.
Some of the latest results include 14.2 feet @ 0.67% tungsten oxide and 1.15 ounces per tonne silver; and 17 feet @ 1.28% tungsten oxide and 3.53 ounces per tonne silver.
The IMA Mine is a past producing underground tungsten mine situated on 22 patented claims located in East Central Idaho.
American Tungsten is a mineral explorer focused on tungsten and magnetite discoveries in North America.
Write to Aaliyah Rogan at Mining.com.au
Images: American Tungsten
