SALT LAKE CITY, Nov. 12, 2013 (GLOBE NEWSWIRE) -- American Sands Energy Corp. (OTCBB:AMSE) ("AMSE" or the "Company"), an oil sands exploration and development company operating in Utah, announced today it raised the minimum amount of capital to break escrow on a preferred stock offering it is conducting.
"I'm pleased to report that we've raised sufficient capital to complete and submit our mining plan to Utah for approval, which we expect to do over the next 60 days," said Will Gibbs, Chairman and CEO of the Company, noting that the Company's goal is to build a 5,000-barrel-per-day plant utilizing an industry-first water-free extraction process.
The Company has retained Merriman Capital Inc., a leading boutique investment bank, as its dedicated dealer/manager for the raise.
About American Sands Energy Corp.
American Sands Energy Corporation is a development stage Delaware company with primary operations in Utah. The Company has acquired rights to oil sand ore covering approximately 1,800 acres of prime oil sand deposits in the Sunnyside area of Utah. The Company has an extraction and recovery system using a licensed proprietary solvent that separates oil and other hydrocarbons from sand, dirt and other substances without creating tailing ponds and other environmental hazards. For more information, visit www.americansandsenergy.com.
Forward Looking Statements
This release contains forward-looking statements regarding AMSE's future plans and expected performance based on assumptions the Company believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of business development efforts, exploration efforts and the timeliness of development activities, the ability to place the project into full production; the ability to secure all necessary mining permits in a timely manner, fluctuations in energy prices, confirmation of estimated resources, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. American Sands Energy Corp. undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.