American Tungsten closes $40-million private placement

Executive Summary

• American Tungsten Corp. has closed a bought deal private placement raising aggregate gross proceeds of $40,002,060.
• The company issued 14,286,450 units at a price of $2.80 per unit, including the full exercise of the underwriters' over-allotment option.
• Net proceeds are designated for advancing exploration and development at the IMA mine project, as well as for working capital and general corporate purposes.

Key Details

• Gross Proceeds: $40,002,060
• Units Issued: 14,286,450 units
• Price Per Unit: $2.80
• Underwriters: Stifel Canada (lead underwriter and sole bookrunner), Integrity Capital Group Inc., and Canaccord Genuity Corp.
• Unit Composition: Each unit consists of one Class A common share and one-half of one Class A common share purchase warrant.
• Warrant Terms: Each warrant entitles the holder to purchase one Class A common share at $3.75 per share. Warrants expire at 5 p.m. Toronto time on March 18, 2029.
• Underwriter Commission: Cash commission of approximately $2,400,123 (6.0% of gross proceeds).
• Broker Warrants: Underwriters received 857,187 broker warrants (6.0% of units issued). Each broker warrant allows subscription for one Class A common share at $2.80 until March 18, 2028.
• Use of Proceeds: Advancing exploration and development at the IMA mine project, working capital, and general corporate purposes.
• Regulatory Status: Subject to Canadian Securities Exchange policies; securities subject to a four-month hold period.

Notable Quotes

• None provided in the text.