Australian American Mining Corporation Limited announced that it has recently signed a term sheet to raise new capital for the Company totaling up to USD 3,420,000.

The agreement breaks down into the following terms:
1. A placement of ordinary shares priced at market (5.8 cents);
2. A placement of unsecured convertible notes and
3. A commitment to purchase ordinary shares for a 12 month period

The investment will be provided by The Australian Special Opportunity Fund, LP, an institutional investment fund managed by The Lind Partners LLC; a New York City based, alternative asset management company. The facility will provide a maximum of USD 3,420,000 of funding to the Company over 12 months.

The funds will enable the Company to continue the development of the La Paz Rare Earth Elements project located in Arizona as well as the other Company assets which include the White Picacho specialty metals project in Arizona, it’s various uranium projects and the San Marcos gold project, all located in mining friendly jurisdictions in the USA.