No the news get out and It's not that.
TORONTO, ONTARIO--(Marketwire - Sept. 15, 2010) -
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES.
Avalon Rare Metals Inc. (TSX:AVL)(OTCQX:AVARF)(the "Company") is pleased to announce that it has entered into anunderwriting agreement with a syndicate of underwriters led by CIBCWorld Markets Inc. and including Laurentian Bank SecuritiesInc., Stonecap Securities Inc. and Canaccord Genuity Corp. (the"Underwriters") in respect of its previously announcedovernight-marketed public offering. Pursuant to the agreement, theUnderwriters have agreed to purchase an aggregate of 9.24 million unitsof the Company at a price of Cdn$3.25 per Unit (the "Offering Price")for gross proceeds of Cdn$30,030,000. Each Unit will consist of onecommon share in the capital of the Company and one-half of one commonshare purchase warrant. Each whole Warrant will entitle the holderthereof to acquire one common share at a price of Cdn$3.60 for a periodof 12 months following the closing date of the Offering. The Companywill file an amended and restated preliminary short form prospectus inall provinces of Canada (other than Québec) and in the NorthwestTerritories to reflect the announced terms of the Offering.
TheOffering is expected to close on or about September 30, 2010, and issubject to certain customary conditions and regulatory approvals,including the approval of the Toronto Stock Exchange.
Thenet proceeds of the Offering will be used to continue exploration anddevelopment of the Company's Thor Lake project in the NorthwestTerritories and for general corporate purposes.
Thispress release shall not constitute an offer to sell or the solicitationof an offer to buy securities in the United States, nor shall there beany sale of the securities in any jurisdiction in which such offer,solicitation or sale would be unlawful. The securities described hereinhave not been, and will not be, registered under the United StatesSecurities Act of 1933, as amended (the "1933 Act"), or any statesecurities laws and may not be offered or sold in the United States orto "U.S. persons", as such term is defined in Regulation S promulgatedunder the 1933 Act, absent registration or an applicable exemption fromthe registration requirements of the 1933 Act and applicable statesecurities laws.
About Avalon Rare Metals Inc. (TSX:AVL)(OTCQX:AVARF)
AvalonRare Metals Inc. is a mineral exploration and development companyfocused on rare metals deposits in Canada. Its flagship project, the100%-owned Nechalacho Deposit, Thor Lake, NWT, is emerging as one ofthe largest undeveloped rare earth elements resources in the world. Itsexceptional enrichment in the more valuable 'heavy' rare earthelements, which are key to enabling advances in green energy technologyand other growing high-tech applications, is one of the few potentialsources of these critical elements outside of China, currently thesource of 95% of world supply. Avalon is well funded, has no debt andits work programs are progressing steadily. Social responsibility andenvironmental stewardship are corporate cornerstones. Avalon'sperformance on community engagement in the north earned it the 2010PDAC Environmental and Social Responsibility Award.
Shares Outstanding: 81,182,670. Cash resources: approximately $11 million.
To find out more about Avalon Rare Metals Inc., please visit our website at www.avalonraremetals.com. For questions and feedback, please e-mail the Company at ir@avalonraremetals.com.
Thisnews release contains forward-looking information and is subject to avariety of risks and uncertainties and other factors that could causeactual events or results to differ materially from those projected inthe forward-looking information. Forward-looking information is basedon the opinions and estimates of management at the date the informationis given, and is subject to a variety of risks and uncertainties andother factors that could cause actual events or results to differmaterially from those projected in the forward-looking information. Theforward-looking information contained herein is given as of the datehereof and the Company assumes no responsibility to update or revisesuch information to reflect new events or circumstances, except asrequired by law.