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American Vanadium Closes $3.5 Million Private Placement Financing
Jul. 18, 2011 (Filing Services Canada) -- American Vanadium Corp. (AVC - TSX Venture), (the "Co...
About this update from Monitor Ventures Inc
[{"type":"text","content":"\nAmerican Vanadium Closes $3.5 Million Private Placement Financing\n\n Jul. 18, 2011 (Filing Services Canada) -- American Vanadium Corp. (AVC - TSX Venture), (the \"Company\") is pleased to announce the completion of the non-brokered private placement (the \"Offering\") previously announced on June 28, 2011 and July 7, 2011. Upon closing of the Offering, 2,334,667 units (\"Units\") were issued at a price of $1.50 per Unit, with each Unit consisting of one common share (a \"Common Share\") and one-quarter of non-transferable common share purchase warrant (each whole warrant, a \"Warrant\"), for gross proceeds to the Company of $3,502,000.50.  Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $2.00 each until January 15, 2013.   The Company paid a cash finder's fee of $143,640 and issued 23,940 Warrants (the \"Finder's Warrants\").  Each whole Finder's Warrant entitles the holder thereof to purchase one common share of the Company at the price of CDN$2.00 per common share until July 15, 2012.All securities issued in connection with the Offering are subject to a four-month hold period, expiring November 16, 2011.The proceeds of the Offering will be used to begin the detailed engineering at the Company's Gibellini Vanadium Project in Nevada.About American Vanadium Corp.American Vanadium is currently developing the Gibellini Vanadium Project, a vanadium resource located in 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: [email protected] TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS R...