AVC PP 2,000,000 Units at $0.80 Each
American Vanadium Announces a Private Placement of up to 2,000,000 Units at $0.80 Each
Press Release: American Vanadium Corp. – 1 hour 41 minutes ago
VANCOUVER, British Columbia--(BUSINESS WIRE)--
AMERICAN VANADIUM CORP. (“American Vanadium” or the “Company”) (AVC.V) (AVCVF) announces a non-brokered private placement (the “Private Placement”) of up to 2,000,000 units at the price of CDN$0.80 per unit (a “Unit”) for total proceeds of $1.6 million. Each Unit consists of one common share (“Common Share”) in the capital of the Company and one-half of a share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at the price of CDN$1.20 each for a period of 12 months from closing.
On closing, the Company will pay a finder’s fee in cash of up to 7% of the gross proceeds from the total number of Units sold and Warrants of up to 7% of the number of Units sold.
The net proceeds of the Private Placement will be used for mine design, environmental permitting and general working capital.
Closing of the Private Placement is subject to the receipt of all applicable regulatory approvals.
About American Vanadium Corp.
American Vanadium is developing the only vanadium mine in the United States. The Company’s Gibellini Project, located in Nevada, is being designed to economically produce vanadium electrolyte for the energy storage industry, as well as vanadium products for the steel and alloying industries.
A positive Feasibility Study and updated National Instrument 43-101 on the Gibellini Project were completed by AMEC E&C Services in 2011.