American Eagle Raises C$23M, Boosts Cash to C$55M for NAK Drills
American Eagle closed a non-brokered private placement of 19.2 million flow-through shares at C$1.20 each, raising C$23.04 million and boosting cash to over C$55 million. Eric Sprott acquired 9.9%, while Teck and South32 maintained 12.9% and 19.9% stakes, and total shares outstanding rose to 192.6 million, funding NAK drill expansions through 2027.
1. Private Placement Closing
American Eagle completed a non-brokered private placement of 19.2 million flow-through shares priced at C$1.20 each, generating gross proceeds of C$23.04 million and incurring finder’s fees of C$147,840. The four-month hold period on the FT shares expires on July 21, 2026, and total shares outstanding rose to 192,621,487.
2. Strategic Investor Participation
Eric Sprott, through 2176423 Ontario Ltd., acquired an approximate 9.9% equity interest by purchasing 19.2 million FT shares at a C$0.77 back-end price, representing C$23.04 million of the proceeds. Teck Resources and South32 maintained their stakes at 12.9% and 19.9% respectively by participating in the concurrent offering.
3. Funding Outlook and Exploration Plan
The combined closings leave American Eagle with over C$55 million in cash, fully funding substantial drill program expansions at the NAK copper-gold porphyry project through 2027. Proceeds will qualify as Canadian exploration and flow-through critical mineral mining expenditures, to be incurred by December 31, 2027, with renunciations to initial purchasers by December 31, 2026.
4. Concurrent Offering Details and Conditions
American Eagle expects to close a concurrent private placement of 9,650,550 FT shares at C$1.1319 per share for gross proceeds of C$10.92 million on or about April 9, 2026, subject to TSX Venture Exchange approval and customary regulatory conditions. No warrants were included in either offering.