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Avalon Completes Non-Brokered Private Placement for Gross Proceeds of $750,000
Toronto, Ontario--(Newsfile Corp. - December 24, 2015) - Avalon Rare Metals Inc. ( TSX :...
About this update from Avalon Advanced Materials Inc.
[{"type":"text","content":"Avalon Completes Non-Brokered Private Placement for Gross Proceeds of $750,000Toronto, Ontario--(Newsfile Corp. - December 24, 2015) - Avalon Rare Metals Inc. (TSX: AVL and 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 Pr...