Avalon Completes Non-Brokered Private Placement for Gross Proceeds of $750,000
December 24 2015 - 9:15AM
Avalon Rare Metals Inc. (TSX:AVL) (OTCQX:AVLNF)
(“Avalon” or the “Company”) is pleased to announce that it has
completed a non-brokered private placement (the “Private
Placement”) today of 6,000,000 flow-through units ("Flow-Through
Units") at a price of $0.125 per Flow-Through Unit for gross
proceeds of $750,000. Each Flow-Through Unit was comprised of one
flow-through common share and one-half of one non-flow-through
common share purchase warrant. Each whole warrant shall entitle the
holder to acquire one non-flow-through common share at a price of
$0.175 for a period of 24 months from today.
Secutor Capital Management Corporation, and its
affiliates, acted as a finder for the Company, and were paid a cash
commission of 6% of the gross proceeds and issued non-transferrable
finder’s warrants equal to 6% of the number of Flow-Through Units
sold, with each finder’s warrant being exercisable to acquire one
common share of the Company at a price of $0.125 for a period of 24
months from today. Pursuant to Canadian securities laws, the
securities issuable under the Private Placement are subject to a
hold period which expires on April 25, 2016.
Proceeds from the Private Placement will be used
to fund eligible exploration work on Avalon’s Separation Rapids
Lithium Project near Kenora, Ontario and its East Kemptville
Tin-Indium Project, in Yarmouth, Nova Scotia.
This press release is not an offer of securities
for sale in the United States. The securities have not been and
will not be registered under the US Securities Act of 1933, as
amended (the “US Securities Act”), and may not be offered or sold
in the United States or to US persons (as defined in Regulation S
under the US Securities Act) absent registration or an applicable
exemption from registration.
About Avalon Rare Metals Inc.
Avalon Rare Metals Inc. is a Canadian mineral development
company specializing in niche market metals and minerals with
growing demand in new technology. The Company has three advanced
stage projects, all 100%-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, ON and its East
Kemptville Tin-Indium Project, Yarmouth, NS. Social responsibility
and environmental stewardship are corporate cornerstones.
For questions and feedback, please e-mail the
Company at ir@avalonraremetals.com, or phone Don Bubar, President
& CEO at 416-364-4938.
This news release contains “forward-looking
statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities legislation. Forward-looking statements include, but are
not limited to, statements related to how the Company plans to use
the net proceeds from the Private Placement. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as “potential”, “scheduled”,
“anticipates”, “continues”, “expects” or “does not expect”, “is
expected”, “scheduled”, “targeted”, “planned”, or “believes”, or
variations of such words and phrases or state that certain actions,
events or results “may”, “could”, “would”, “might” or “will be” or
“will not be” taken, reached or result, “will occur” or “be
achieved”. Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Avalon to be materially different from those expressed or implied
by such forward-looking statements. Forward-looking statements are
based on assumptions management believes to be reasonable at the
time such statements are made. Although Avalon has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. Factors that may cause
actual results to differ materially from expected results described
in forward-looking statements include, but are not limited to
market conditions, and the possibility of cost overruns or
unanticipated costs and expenses as well as those risk factors set
out in the Company’s current Annual Information Form, Management’s
Discussion and Analysis and other disclosure documents available
under the Company’s profile at www.SEDAR.com. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Such forward-looking statements
have been provided for the purpose of assisting investors in
understanding the Company’s plans and objectives and may not be
appropriate for other purposes. Accordingly, readers should not
place undue reliance on forward-looking statements. Avalon does not
undertake to update any forward-looking statements that are
contained herein, except in accordance with applicable securities
laws.
Avalon Advanced Materials (TSX:AVL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Avalon Advanced Materials (TSX:AVL)
Historical Stock Chart
From Jul 2023 to Jul 2024