American Tungsten (CSE:TUNG) has increased its non-brokered private placement to raise C$7 million ($7.83 million) from its intended C$2.5 million as part of its strategy to fund exploration and potential property acquisitions.
The company has revised its potential share allocation to 14 million shares at an issue price of $0.5 per share.
In conjunction, American Tungsten intends to pay up to 7% of the raising in finders fees to holders who introduced new subscribers with non-transferable warrants.
Finders will be eligible to acquire one share at the same share price for 24 months from the date of issue.
CEO Ali Haji says the increased interest from investors indicated the growing support for the IMA Project, which has potential to become the first new tungsten producer in North America.
“It marks a key milestone in solidifying our path toward commercial production and advancing American Tungsten as a domestic supplier of critical minerals,” Haji says.
American Tungsten is a Canadian explorer focused on developing its portfolio of tungsten and magnetite assets in North America.
Write to Maddison Elliott at Mining.com.au
Images: American Tungsten
