10:02 AM EDT, 10/14/2025 (MT Newswires) -- American Tungsten ( TUNGF ) Tuesday said it plans to complete a non-brokered listed issuer financing exemption (LIFE) private placement offering for gross proceeds of up to $10 million.

The company will issue up to around 2.85 million common shares of the company priced at $3.50 each.

The company plans to use the net proceeds of the offering toward expanding the upcoming exploration program at the IMA Mine, fast tracking technical studies, and for additional working capital.

The company said that the offering is subject to approval of the Canadian Securities Exchange.

"This financing reflects the strong institutional demand for exposure to critical metals and American Tungsten's ( TUNGF ) unique position in the domestic supply chain," said American Tungsten's ( TUNGF ) chief executive officer Ali Haji.

"The proceeds will allow us to accelerate development and advance toward production, reinforcing our commitment to becoming the leading U.S. supplier of tungsten."

Shares of the company were last seen up $0.60 at $4.39 on the Canadian Securities Exchange.

Price: 4.39, Change: +0.60, Percent Change: +15.83