New York-based broker-dealer John Thomas Financial has completed a USD5.3m equity private placement transaction offered to accredited retail investors for America West Resources, a US c
New York-based broker-dealer John Thomas Financial has completed a USD5.3m equity private placement transaction offered to accredited retail investors for America West Resources, a US coal producer with mining operations in Central Utah.
"Despite the holidays while also overcoming prevailing challenges in the equity markets, the talented and highly committed brokers and investment bankers at John Thomas Financial got the job done," says Dan Baker, chief executive of America West Resources.
"We are very impressed and greatly appreciative for their efforts on our behalf. The proceeds from the offering will be used to materially strengthen our balance sheet and allow our company to accelerate monthly production from our Horizon Mine, allowing us to better address rising demand for our compliant coal."
Thomas Belesis, founder, chairman and chief executive of John Thomas Financial, adds: "With both domestic and international demand for coal expected to continue rising well into the foreseeable future, it is essential that US-based mining companies are well positioned and financially prepared to address robust growth opportunities.
‘Given the positive developments that have been occurring at America West Resources over the past several months, coupled with its strong resource base and proven management team, John Thomas Financial determined that the company merited our attention and investment banking support.’
Headquartered in Salt Lake City, Utah, America West Resources is a domestic coal producer focused on the mining of compliant (low-sulphur) coal and its sale primarily to US utility companies for use in generating electricity.
Since 2003, the company has extracted over 1.4 million tons of coal from its owned and operated Horizon Coal Mine based in Central Utah.
