The original article has been amended with updated information.
American Tungsten (CSE:TUNG) has decreased its issue price of shares in an ongoing non-brokered private placement to raise C$22.6 million ($24.88 million).
As reported by Mining.com.au, the company upsized its original placement from C$10 million, increasing its shares issue capacity from 2.86 million to 6.46 million shares at C$3.50 per share.
CEO Ali Haji says the decision to reprice shares issued allows the company to align with current market dynamics.
“Restructuring the offering reflects our commitment to our shareholders, current and prospective, while staying prudent in the current market conditions,” Haji says.
“The institutional support has been unwavering, highlighting strong fundamentals.
“Our focus remains advancing toward production and becoming the next tungsten producer in the United States, delivering strategic relevance in the critical metals space.”
Proceeds will be used to fund exploration at the IMA Mine, while also fast-tracking technical studies at 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
