AusAmerican To Raise Up To $8m To Advance Uranium, Rare Earth, & Gold Projects

Published on Monday Oct 18 2010

Australian-American Mining Corporation Limited (ASX: AIW) has finalised a book build for a share placement which will raise over $5 million. 


The company is also pleased to announce it will be undertaking a Share Purchase Plan (“SPP”) which could raise up to an additional $3 million for a total of up to $8 million before fees.

Highlights:

• A share placement for $4.5 million, managed by DJ Carmichael, was oversubscribed
• It is anticipated that up to approximately 40% of the placement will be taken up by North American investors pursuant to a best efforts offering being led by Paradigm Capital Inc. of Toronto, Canada
• Existing shareholders will be able to participate in a Share Purchase Plan (“SPP”) over the next month on the same terms as the placement. The record date for the SPP is close of business Friday 15th October 2010
• Funds will allow the company to continue its aggressive exploration programme which has recently commenced and includes (i) Drilling at its four brown field uranium projects which collectively have an exploration target of an additional 35-40 million pounds, (ii) exploration and drilling its specialty metal and rare earth projects in Arizona, (iii) drilling at its Bernard gold project; and (iv) further project acquisition.
• 
  

_______________________________________________________________________

VISIT MY OTHER SITE

@

australian-uranium-quick-search