Each unit consists of one share of common stock priced at $1 per share and one half of one common stock purchase warrant.
The company will use the proceeds from the financing to fund its growth capital expenditure program and general corporate purposes.
Applied Minerals president and CEO Andre Zeitoun said this financing provides the company with meaningful working capital as well as the ability to invest in a plant expansion program.
Applied Minerals is a producer of halloysite clay from its wholly-owned Dragon Mine property in Utah, US.
