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American Vanadium Announces Private Placement of up to $2.5 Million
Jun. 28, 2011 (Filing Services Canada) -- American Vanadium Corp. (AVC - TSX Venture), is pleas...
About this update from Monitor Ventures Inc
[{"type":"text","content":"\nAmerican Vanadium Announces Private Placement of up to $2.5 Million\n\n Jun. 28, 2011 (Filing Services Canada) -- American Vanadium Corp. (AVC - TSX Venture), is pleased to announce a non-brokered private placement (the \"Private Placement\") of up to $2,500,000 at the price of CDN$1.50 per unit (a \"Unit\").  Each Unit consists of one common share in the capital of the Company and one-quarter of a share purchase warrant exercisable at the price of $2.00 each for a period of 18 months from closing.On closing, the Company will pay a finder's fee in cash equal to 7% of the aggregate gross proceeds of the Private Placement and will issue one-quarter (1/4) of the number of non-transferable common share purchase warrants (the \"Warrants\") that is equal to 7% of the number of Units sold.  Each whole Warrant will entitle the holder thereof to purchase one common share of the Company at the price of CDN$2.00 per common share for a period of 12 months from the date of closing.\"With our Feasibility Study now anticipated to be completed by AMEC in the third quarter of this year and the environmental permitting process proceeding, the proceeds of this private placement will be used to begin the detailed engineering at the Company's Gibellini Vanadium Project in Nevada,\" stated Bill Radvak, President and CEO of American Vanadium Corp Closing of the Private Placement is subject to the receipt of all applicable regulatory approvals.  About American Vanadium Corp.American Vanadium is currently developing the Gibellini Vanadium Project, a vanadium resource in the state of Nevada, U.S.A.  Vanadium is growing in importance as an alloying metal used to strengthen steel as well as the emerging uses with mass storage cells and lithium vanadium batteries for renewable energy.  The Company's Gibellini Vanadium Project is unique in its ability to have economic production of vanadium for the steel industry as well as vanadium electrolyte for the mass storage industry.A Scoping Study and NI 43-101 have been completed by AMEC E&C Services and are available at www.sedar.com or the Company's website www.americanvanadium.com.ON BEHALF OF THE BOARD \"Bill Radvak\"\tBill Radvak, President and CEOFor further information, please contact:Bill Radvak, President & CEOPhone: 604-488-5417Email: bradvak@americanvan...