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Avalon Completes Non-Brokered Private Placement for Gross Proceeds of $775,000
Toronto, Ontario--(Newsfile Corp. - March 29, 2016) - Avalon Advanced Materials Inc. ...
About this update from Avalon Advanced Materials Inc.
[{"type":"text","content":"Avalon Completes Non-Brokered Private Placement for Gross Proceeds of $775,000Toronto, Ontario--(Newsfile Corp. - March 29, 2016) - 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 2,000,000 units at a price of $0.125 per unit and 3,000,000 flow-through units at a price of $0.175 for gross proceeds of $775,000.Each unit was comprised of one common share and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder to acquire one common share at a price of $0.175 for a period of 24 months from today, or, if at any time following September 29, 2016, the closing price of the common shares on the TSX is $0.25 or higher for a period of twenty consecutive trading days, the Company may, by notice to the holder (supplemented by a news release of general dissemination) reduce the expiry date of the warrants to not less than 30 days from the date of such notice. Each flow-through unit was comprised of one flow-through common share and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder to acquire one non-flow-through common share at a price of $0.20 for a period of 24 months from today, or, if at any time following September 29, 2016, the closing price of the common shares on the TSX is $0.25 or higher for a period of twenty consecutive trading days, the Company may, by notice to the holder (supplemented by a news release of general dissemination) reduce the expiry date of the warrants to not less than 30 days from the date of such notice.In conjunction with this private placement Avalon paid finder's fees of $31,500 and issued 180,000 non-transferrable finder's warrants, with each finder's warrant being exercisable to acquire one common share of the Company at a price of $0.175 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 July 30, 2016.Don Bubar, Avalon's President and CEO, commented, \"Together with the proceeds from the private placement completed earlier this month (representing aggregate proceeds of $2,145,000), the Company is now well-funded to complete its current work programs on the Separation Ra...