American West Metals (ASX:AW1) is among the juniors topping up its coffers this week, having secured firm commitments for a placement to raise $5.9 million.
Alpine Capital and Blue Ocean Equities acted as joint lead managers to the placement, which is part of a broader $14.4 million funding initiative to fund the development of the Storm Copper Project in Nunavut, Canada.
A number of new domestic and overseas funds have joined the company’s register.
Managing Director Dave O’Neill says the raising was “heavily oversubscribed” by both Australian and international investors.
This follows a recent US$4.8 million injection of capital from Taurus Royalty Fund and Ocean Partners.
The placement includes one free option, exercisable at $0.06 within two years, for every two new shares subscribed for.
New and existing institutional and sophisticated investors have agreed to subscribe for 148.94 million shares at $0.04 each.
American West is also undertaking a share purchase plan to raise an additional $1 million by offering existing eligible shareholders the opportunity to purchase up to $30,000 worth of shares on the same terms as the placement.
The funds will be used to accelerate drilling of large-scale regional exploration targets as well as undertake resource expansion and upgrade drilling of existing discoveries.
Bauxite explorer Canyon Resources (ASX:CAY), meanwhile, has landed a US$140 million ($216 million) credit facility to move its Minim Martap Bauxite Project in Cameroon towards a final investment decision.
The facility, which is provided by AFG Bank Cameroon, together with a $24.5 million cash injection via the exercise of options by major shareholder Eagle Eye Asset Holdings will fund stage-one operations at the project.
Canyon anticipates drawdown on the credit facility will occur in the third quarter of this year.
The goal is to ship first bauxite from Minim Martap in the first half of 2026.
Lastly, Nevada-based i80 Gold (TSX:IAU) has closed a placement raising US$11.1 million.
The company issued 22.24 million units at US$0.50 apiece, with each unit comprising one share and half a share purchase warrant. Each full warrant entitles the holder to convert it to one share at $0.70 until 16 November 2027.
The placement and bought deal public offering collectively raised US$184 million to support i-80’s new development plan in Nevada and for general working capital.
i-80 has a portfolio of gold exploration projects advancing towards feasibility and one operating project ramping-up toward steady-state production, all located in Nevada.
Write to Angela East at Mining.com.au
Images: American West Metals
