American West Metals hits nearly 16-month low on discounted capital raise

American West Metals

10/10/2024 01:17

** Shares of mineral explorer American West Metals  AW1.AX 
fall as much as 19.1% to A$0.089, their lowest since June 2023
    ** Australia-based co receives commitments to raise A$7.0
mln ($4.70 mln) via institutional placement 
    ** Issue price of A$0.09 per share represents an 18.2%
discount to stock's last closing price
    ** Co says funds will help it boost development and
exploration activities at the Storm Copper Project in Canada
    ** Trading volumes 3.5 times the 30-day average of 1.5 mln
shares
    ** As of last close, stock down 24.1% YTD

($1 = 1.4888 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))