American Tungsten (CSE:TUNG) is conducting a non-brokered private placement to raise C$10 million ($10.94 million) for an expansion to exploration at the IMA Mine in Idaho.
The company will issue just under 2.86 million shares at a price of C$3.50 per share.
CEO Ali Haji says American Tungsten’s unique position in the domestic critical metals supply chain is a reflection of the company’s ability to conduct this financing plan.
“The proceeds will allow us to accelerate development and advance toward production, reinforcing our commitment to becoming the leading US supplier of tungsten,” Haji says.
Along with expanding the upcoming exploration program at the IMA Mine, the company will also use proceeds to fast-track technical studies at the project.
As reported by Mining.com.au, the company signed a letter of intent with Global Tungsten & Powders to discuss potential US-based offtake agreements for future tungsten production from the project.
American Tungsten is an explorer focused on advancing tungsten and magnetite assets in North America.
Write to Maddison Elliott at Mining.com.au
Images: American Tungsten
