American Tungsten Corp. Moves Forward with Private Placement
American Tungsten Corp. Announces Private Placement Initiative
American Tungsten Corp. (CSE:TUNG) (OTCQB:DEMRF) (FSE:RK9) has taken a significant step by planning a non-brokered private placement. Through this initiative, the company aims to issue up to 5,000,000 common shares at a price of $0.50 each, potentially raising up to $2,500,000 for the company.
Importance of the Capital Raise
Ali Haji, the President and CEO of American Tungsten Corp., emphasized the importance of securing these funds. This capital will allow the company to expedite the development of the IMA Tungsten Project while also exploring new strategic opportunities. As the demand for tungsten increases globally, American Tungsten is committed to solidifying a reliable supply chain in North America, which is vital for long-term sustainability and market stability.
Finder's Fee Structure
In conjunction with the offering, the Company will pay finders' fees that can go up to 7.0% of the gross proceeds generated through shares sold to subscribers introduced by eligible finders. Additionally, eligible finders will receive non-transferable warrants corresponding to 7.0% of the number of shares sold, allowing them to acquire shares at the same price over the next two years.
Use of Proceeds
The net proceeds from this private placement will be allocated towards various initiatives including exploration work, option payments, mineral property acquisition, marketing efforts, and general working capital needs. Such strategic financial allocation illustrates American Tungsten's commitment to growth and efficiency within its operations.
Conditions and Regulatory Approval
The closing of this offering is contingent on fulfilling several conditions, such as obtaining the requisite corporate and regulatory approvals from the Canadian Securities Exchange (CSE). Notably, there is no minimum subscription amount required, providing flexibility in the funding process.
Overview of American Tungsten Corp.
Operating in the Canadian exploration sector, American Tungsten Corp. focuses on developing its strong portfolio in tungsten and magnetite across North America. Notable projects include the Ima Mine Project in Idaho, known for its rich historical output, where the company holds an option for full ownership, subject to a small royalty. Furthermore, the Star Project in British Columbia presents an extensive land area primed for development.
Engaging with the Community
To keep stakeholders informed and engaged, American Tungsten actively maintains a presence on various social media platforms. They highlight company updates, projects, and industry insights through channels like LinkedIn, X, Facebook, Instagram, and YouTube, facilitating community involvement and feedback.
Contact Information
The leadership team, including Ali Haji, is available for inquiries and further information regarding the company’s developments and this private placement initiative. Interested parties can reach out via the company’s official email or contact number provided below.
For further correspondence, please contact:
Ali Haji, Chief Executive Officer
Email: ir@americantungstencorp.com
Phone: +1 (647) 871-4571
Frequently Asked Questions
What is the purpose of the private placement by American Tungsten Corp.?
The private placement aims to raise funds to accelerate the development of its IMA Tungsten Project and explore additional strategic opportunities.
What are the terms of the offering?
The company plans to sell up to 5,000,000 shares at $0.50 each, with total gross proceeds potentially reaching $2,500,000.
How will the funds be utilized?
The funds will be used for exploration programs, marketing efforts, option payments, mineral property acquisitions, and general working capital.
What are the conditions for closing the offering?
Closing is subject to various conditions, including obtaining necessary corporate and regulatory approvals from the CSE.
How can I get in touch with American Tungsten Corp.?
Interested individuals can contact the CEO, Ali Haji, via email or phone for further inquiries regarding the company or the private placement.
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