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American Vanadium Increases Size of Financing To $8 Million
(via Thenewswire.ca) ---- || | ---- $6 Million Participation by Dundee Corporatio...
About this update from Monitor Ventures Inc
[{"type":"text","content":"American Vanadium Increases Size of Financing To $8 Million(via Thenewswire.ca)\n\n \n\n ----\n || |\n ----\n\n \n \n$6 Million Participation by Dundee Corporation\n\n \n \nSeptember 16, 2013 - AMERICAN VANADIUM CORP. (\"American Vanadium\" or the \"Company\") (TSX.V: AVC) (OTCQX: AVCVF) today announces that it has revised the private placement (\"Private Placement\") previously announced on June 26, 2013. \n\n\n \nThe Private Placement will now be for up to 16,000,000 units at the price of $0.50 per unit (\"Unit\") for aggregate gross proceeds of $8 million. Dundee Corporation (\"Dundee\") is expected to participate in the Private Placement for 12,000,000 Units for aggregate gross proceeds of $6,000,000 to close in two tranches.\n\n\n \nIt is expected that the first tranche of the Private Placement for up to $5 million, including $3 million from Dundee, will close on or about September 26, 2013. The second tranche of $3,000,000 from Dundee is expected to close on or prior to the 90th day following receipt of TSX Venture Exchange conditional approval in respect of the Private Placement.\n\n\n \nEach Unit will consist of one common share in the capital of the Company (a \"Common Share\"), one half of a warrant exercisable at $0.60 (\"$0.60 Warrant\") and one half of a warrant exercisable at $0.80 (\"$0.80 Warrant\"). Each whole $0.60 Warrant will entitle the holder thereof to purchase one Common Share (a \"Warrant Share\") at a price of $0.60 for a period of 6 months following the closing of the first or second tranche of the Private Placement, as applicable. Each whole $0.80 Warrant will entitle the holder thereof to purchase one Warrant Share at a price of $0.80 for a period of 2 years following the closing of the first or second tranche of the Offering, as applicable. \n\n\n \nContemporaneously with the closing of the first tranche of the Private Placement, the board of directors of the Company shall appoint a nominee of Dundee to serve on the board of directors of the Company. \n\n\n \nThe Company will pay a finder's fee of 6% cash and the issuance of 6% Warrants on a portion of the non-Dundee Units sold. \n\n\n \nThe Private Placement remains subject to final approval of the TSX Venture Exchange, and to shareholders' approval of Dundee Corporation becoming a \"control person\" of the Company, holding over 20% of the com...