06:27 AM EDT, 07/18/2025 (MT Newswires) -- American Tungsten ( DEMRF ) late on Thursday said it is increasing the maximum amount to be raised under its non-brokered private placement of common shares to up to 14 million shares, from the previous 5 million shares.

The shares are priced at $0.50 apiece for gross proceeds of up to $7 million, from the previous $2.5 million.

Net proceeds will be used to fund exploration work programs, option payments, mineral property acquisitions, marketing and for general working capital purposes.

Closing of the offering is subject to regulatory approvals, including the Canadian Securities Exchange, among other conditions.

'This is a strong indication of the growing support for the IMA Project - a high-grade tungsten asset with the potential to become the first new tungsten producer in North America," said American Tungsten ( DEMRF ) CEO Ali Haji. "It marks a key milestone in solidifying our path toward commercial production and advancing American Tungsten ( DEMRF ) as a domestic supplier of critical minerals."