- Avalon Advanced Materials (AVL) has completed a non-brokered private placement for gross proceeds of $1,950,000
- The company issued 11,470,624 flow-through units at a price of $0.17 per unit
- The proceeds will be used to fund a winter drilling program on the company’s Separation Rapids Lithium Project
- Avalon Advanced Materials is a Canadian mineral development company specializing in sustainably-produced materials for clean technology
- Avalon Advanced Materials Inc. (AVL) opened trading at C$0.115
Avalon Advanced Materials (AVL) has completed a non-brokered private placement for gross proceeds of $1,950,000.
The company issued 11,470,624 flow-through units at a price of $0.17 per unit. Each flow-through unit consists of one flow-through common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one non-flow-through common share at a price of $0.25 for a period of 24 months from closing.
Avalon issued 487,501 common shares to eligible finders.
All securities issued are subject to a statutory four-month hold period.
The proceeds will be used to fund a winter drilling program on the company’s Separation Rapids Lithium Project.
Avalon’s President & CEO, Don Bubar, commented on the capital raise.
“There has been very little drilling done on the main lithium pegmatite resource known as the Big Whopper since the original drilling program was done in 1997-98, but it is open for expansion below a depth of 250 metres. The winter drilling program will focus on deeper drilling to assess the ultimate full-size potential for the Big Whopper resource. Drilling is also planned for the new Snowbank pegmatite discovery once the necessary permit has been secured.”
Avalon Advanced Materials is a Canadian mineral development company specializing in sustainably-produced materials for clean technology. Avalon is focusing on developing its Separation Rapids Lithium Project near Kenora, Ontario, while continuing to advance other projects, including its Lilypad Cesium-Tantalum-Lithium Project near Fort Hope, Ontario. Social responsibility and environmental stewardship are corporate cornerstones.
Avalon Advanced Materials Inc. (AVL) opened trading at C$0.115.