American Tungsten clarifies warrant terms for financing

Executive Summary

• American Tungsten Corp. announced a correction to the warrant terms of its upsized bought deal financing, reducing the warrant coverage from one full warrant per unit to one-half of one warrant per unit.
• The company has entered into an amended agreement with Stifel Canada to act as lead underwriter for a bought deal offering of 12,423,000 units at $2.80 per unit, generating aggregate gross proceeds of approximately $34.8 million.
• 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

• Transaction Structure: Bought deal private placement via amended agreement with Stifel Canada (lead underwriter and sole bookrunner) and a syndicate of underwriters.
• Units Offered: 12,423,000 units.
• Price: $2.80 per unit.
• Gross Proceeds: $34,784,400.
• Warrant Correction: Each unit now consists of one Class A common share and one-half of one Class A common share purchase warrant (corrected from one full warrant).
• Warrant Terms:
  • Exercise Price: $3.75 per common share.
  • Term: 36 months following the closing date.
  • Right: Exercisable to acquire one common share.
• Use of Proceeds: Advancing exploration and development at the Ima mine project, working capital, and general corporate purposes.
• Closing Date: Scheduled on or about March 18, 2026.
• Regulatory/Exchange: Subject to Canadian Securities Exchange policies; securities subject to a four-month hold period under Canadian securities laws.
• Jurisdictions: Offered in Canada (prospectus exemptions), United States (exemptions from 1933 Act registration), and other agreed jurisdictions on a private-placement-equivalent basis.

Notable Quotes

• No direct quotes from management were included in the provided text.