Business
Avalon Announces $2.0 Million Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - June 19, 2014) - Avalon Rare Metals Inc. (TSX: AVL ) (N...
About this update from Avalon Advanced Materials Inc.
[{"type":"text","content":"Avalon Announces $2.0 Million Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - June 19, 2014) - Avalon Rare Metals Inc. (TSX: AVL) (NYSE MKT: AVL) (\"Avalon\" or the \"Company\") is pleased \nto announce that the Company is planning to raise approximately $2,000,000 by \nway of a non-brokered private placement of up to 2,500,000 flow-through common \nshares (\"Flow-Through Shares\") at a price of $0.60 per Flow-Through Share and a \nnon-brokered private placement of up to 1,000,000 non flow-through units (\"Non \nFlow-Through Units\") priced at $0.48 per unit (collectively, the \"Private \nPlacement\"). Each Non Flow-Through Unit will consist of one common share and one \nhalf share purchase warrant of the Company. Each whole warrant will entitle the \nsubscriber to purchase one common share of the Company at a price of $0.60 per \nshare for a period of three years from the date of issuance. \nThe Private Placement is scheduled to close in one or more \ntranches on or before June 30, 2014, and is conditional upon receipt of all \nnecessary regulatory approvals, including the approval of the Toronto Stock \nExchange and the NYSE MKT. The proceeds from the sale of the Flow-Through Shares \nwill be used to fund the summer drilling programs and other eligible exploration \nwork on Avalon's 100% owned Nechalacho Rare Earth Elements Property, Thor Lake, \nNWT and its 100% owned East Kemptville Tin-Indium Property, Yarmouth County, \nNova Scotia. The proceeds from the sale of the Non Flow-Through Units will be \nused for general corporate purposes.\nA finder's fee may be paid on a portion of the subscriptions of \nthe Flow-Through Shares. It is anticipated that insiders of the Company will \nsubscribe for 625,000 of the 2,500,000 Flow-Through Shares being offered. \nPursuant to Canadian securities laws, any shares issued in the Private Placement \nwill be subject to a hold period of four months plus one day from the date of \nissuance. \nThis press release is not an offer of Flow-Through Shares or \nNon Flow-Through Units for sale in the United States. The Flow-Through Shares \nand Non Flow-Through Units have not been and will not be registered under the \nU.S. Securities Act of 1933, as amended (the \"US Securities Act\"), and may not \nbe offered or sold in the United States or to US persons (as defined in \nRegulati...