American Tungsten Announces Completion of $16.8 Million; First Tranche of LIFE Offering

Core Viewpoint - American Tungsten Corp. has successfully completed the first tranche of its non-brokered private placement, raising gross proceeds of C$16.77 million through the sale of 6,500,198 common shares at a price of C$2.58 per share, demonstrating strong investor confidence in the company's strategy to advance the Ima Mine Project [1][5]. Group 1: Financial Details - The first tranche raised gross proceeds of C$16,770,510 from the sale of 6,500,198 common shares [1]. - The company paid aggregate cash commissions of C$741,343 on the gross proceeds [4]. - The proceeds will be allocated for general and administrative expenses and working capital [3]. Group 2: Regulatory and Compliance - The common shares were issued under the Listed Issuer Financing Exemption, which allows for the issuance without a hold period under applicable Canadian securities laws [2]. - The offering is not registered under the U.S. Securities Act and cannot be sold in the United States unless registered or exempt [5]. Group 3: Company Overview - American Tungsten Corp. focuses on high-potential tungsten and magnetite assets in North America, particularly advancing the Ima Mine Project in Idaho [6]. - The Ima Mine Project is a historic underground tungsten property with significant infrastructure and an exclusive option for full ownership [6].