American Tungsten Corp. Announces Closing of Upsized $7m Financing

Core Viewpoint - American Tungsten Corp. successfully closed an oversubscribed non-brokered private placement, raising gross proceeds of C$7,000,000 by issuing 14,000,000 common shares at C$0.50 per share, indicating strong investor confidence in the company's strategy and vision in the critical metals sector [1][6]. Group 1: Offering Details - The private placement involved the issuance of 14,000,000 common shares at a price of C$0.50 per share, raising gross proceeds of C$7,000,000 [1]. - The company paid cash finder's fees totaling C$253,421.35, which is 3.6% of the gross proceeds, and issued 502,293 common share purchase warrants to finders [2]. - All securities issued are subject to a statutory hold period of four months plus a day, ending on November 25, 2025, with net proceeds allocated for exploration, option payments, mineral property acquisitions, marketing, and general working capital [3]. Group 2: Management Changes - Dennis Logan has been appointed as Chief Financial Officer, bringing over 25 years of experience in financial services and the resource sector [4]. - Ali Haji, the CEO, will also join the Board of Directors, enhancing the company's governance and strategic oversight [5]. Group 3: Strategic Outlook - The financing will accelerate the development plans for the flagship Ima Mine asset in Idaho towards commercial production, reflecting the company's commitment to addressing critical metal scarcity in North America [6][7]. - The Ima Mine Project is a historic underground tungsten property, with the company holding an option for full ownership and expanding its land position with 113 additional federal claims covering nearly 2,000 acres [7].