American Tungsten (CSE:TUNG) can expedite development activities at the IMA Mine in Idaho, US, after closing an oversubscribed non-brokered private placement that raised C$7 million ($7.77 million).
Under the placement, 14 million shares were issued at C$0.50 per share.
CEO Ali Haji says the investor demand exceeded the company’s expectations.
“This financing allows us to accelerate our development plans of our flagship Ima mine asset in Idaho towards commercial production,” Haji says.
Ima is a legacy asset with historical tungsten production and optionality to explore for molybdenum.
The funds will also be used for option payments, mineral property acquisitions, marketing, and general working capital purposes.
Dennis Logan has also been appointed as American Tungsten’s CFO, effective immediately. Logan brings over 25 years of executive leadership in financial services and the resource sector.
He has previously held senior financial roles with Almonty Industries (ASX:AII), where he played a key role in securing capital and driving operational efficiency within the tungsten industry.
“With Dennis’s leadership in financial strategy and capital markets, we are assembling the right team to guide American Tungsten into its next chapter of growth and value creation,” Haji adds.
American Tungsten is a Canadian mineral explorer focused primarily on tungsten and magnetite assets in North America.
Write to Aaliyah Rogan at Mining.com.au
Images: American Tungsten
