To gain its initial stake in American Eagle, South32 has agreed to pay a 15% premium to the junior’s 5-day volume-weighted average trading price on the Venture exchange. The financing will see American Eagle issue 33.3 million shares to South32 at C$0.875 each. No warrants will be issued in the non-brokered private placement.
The investment will bring American Eagle’s treasury to C$37 million, enough to fund expanded drill programs in 2025 and 2026. The company said it will share plans for its 2025 drill program after receiving all assays from this year’s campaign.
“We are very pleased to welcome South32 as a strategic investor in American Eagle. This investment marks our second major mining enterprise that has endorsed our project and our work at the NAK copper-gold porphyry project,” American Eagle CEO Anthony Moreau said in a release. “This investment underscores NAK’s potential, significantly…
