Avalon Completes Non-Brokered Private Placement for Gross Proceeds of $1 Million
November 07 2016 - 5:06PM
Avalon Advanced Materials Inc. (TSX:AVL)
(OTCQX:AVLNF) (“Avalon” or the “Company”) is pleased to announce
that it has completed a non-brokered private placement today
consisting of 4,545,454 flow-through shares at a price of $0.22 per
share for gross proceeds of $1,000,000.
In conjunction with this private placement
Avalon paid finder’s fees of $60,000 and issued 272,727
non-transferrable finder’s warrants, with each finder’s warrant
being exercisable to acquire one common share of the Company at a
price of $0.25 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 8, 2017. The proceeds from this offering will be used
primarily to advance exploration work, including drilling, on the
Company’s Separation Rapids Lithium Project. 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 Advanced Materials Inc. Avalon
Advanced Materials Inc. (formerly 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@AvalonAM.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, and that proceeds from
this offering will be used primarily to advance exploration work,
including drilling, on the Company’s Separation Rapids Lithium
Project. 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.
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