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Avalon Completes Non-Brokered Private Placement for Gross Proceeds of $510,000 and Provides Update on Separation Rapids Lithium Project
Toronto, Ontario--(Newsfile Corp. - June 12, 2017) - Avalon Advanced Materials ...
About this update from Avalon Advanced Materials Inc.
[{"type":"text","content":"Avalon Completes Non-Brokered Private Placement for Gross Proceeds of $510,000 and Provides Update on Separation Rapids Lithium ProjectToronto, Ontario--(Newsfile Corp. - June 12, 2017) - 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 3,400,000 flow-through shares at a price of $0.15 per share for gross proceeds of $510,000.In conjunction with this private placement, Avalon paid finder's fees of $30,600 and issued 204,000 non-transferrable finder's warrants, with each finder's warrant being exercisable to acquire one common share of the Company at a price of $0.15 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 October 13, 2017. The proceeds from this offering will be used primarily to advance the Company's Separation Rapids Lithium Project including the summer field work programs described below and additional metallurgical testwork.Separation Rapids Drilling UpdateThe Spring 2017 drilling program announced in the Company's news release dated April 5, 2017 was completed in May with five holes totalling 1,473 metres being drilled. Two holes were drilled on each of the west and east extensions of the main deposit, with the objective of expanding the resource and mapping the extent of the lepidolite and lithium mica rich zones. Broad intervals of lithium pegmatite mineralization were intersected in these four holes as anticipated. The fifth hole was drilled on an untested target located approximately 1km west of the main deposit, but was not completed due to difficult ground conditions. This hole and a second planned hole on the west pegmatite will be completed in a future program, when access conditions improve.Sampling of the drill core has also been completed and 250 samples shipped for analysis. Assays are expected by the end of June. The new analytical data will be supplemented with detailed mineralogical mapping of the drill core in order to better quantify the relative abundances of the various lithium ore minerals in the resource which include petalite, lepidolite, muscovite and spodumene. This work will be carried out over the summer and will be accompani...