By Teri Walker –
American West Potash Co. has filed for approval to provide up to a $400 million public offering on the NASDAQ.
The mining exploration company is not currently offering shares for public sale; rather, the act of filing starts the process rolling with the U.S. Securities and Exchange Commission to approve it to make an offering of shares for sale and trading at some future point, should it choose to do so.
American West has offered very limited shares in the past, and according to President and CEO Pat Avery doesn’t have immediate plans to make a significant public offering. He said the SEC filing lays the groundwork in case the company decides to offer stock to institutions, specific investors or the open market in the future.
American West Potash is working toward the development of a potash mine east of Holbrook, and has completed a preliminary economic assessment that found the company is in a favorable position to compete in the potash industry, which provides a key ingredient for fertilizer used world wide.
As of press time Monday, American West was trading at $6.23 per share.