Raised One Million Dollars - News
Avalon Advanced Materials completes $1.04M financing
2017-11-03 17:26 ET - News Release
Mr. Don Bubar reports
AVALON COMPLETES NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $1 MILLION
Avalon Advanced Materials Inc. has completed a non-brokered private placement consisting of 3,215,000 flow-through common shares at a price of 14.5 cents per share and 4.8 million non-flow-through units at a price of 12 cents per unit for gross proceeds of $1,042,175.
Each unit consists of one non-flow-through common share and one-half non-transferable common share purchase warrant, with each whole warrant being exercisable to acquire one non-flow-through common share of the company at a price of 16 cents for a period of 24 months from today.
In conjunction with this private placement Avalon paid finders' fees of $34,560 and issued 288,000 non-transferrable finders' warrants, with each finder's warrant being exercisable to acquire one common share of the company at a price of 15 cents for a period of 24 months from today. Pursuant to Canadian securities laws, the securities issuable under this private placement are subject to a hold period which expires on March 4, 2018.
The proceeds from this offering will be used to advance exploration work on the company's Separation Rapids lithium project and for general corporate purposes.
About Avalon Advanced Materials Inc.
Avalon Advanced Materials is a Canadian mineral development company focused on technology metals and minerals. The company has three advanced stage projects, all 100 per cent owned, providing investors with exposure to lithium, tin and indium, as well as rare earth elements, tantalum, niobium and zirconium. Avalon is currently focusing on its Separation Rapids lithium project, Kenora, Ont., and its East Kemptville tin-indium project, Yarmouth, N.S.