Non-brokered deal finances engineering at Gibellini Vanadium Project
By Devika Patel
Knoxville, Tenn., June 28 - American Vanadium Corp. said it plans a C$2.5 million non-brokered private placement of units.
The company will sell units of one common share and one quarter-share warrant at C$1.50 per unit. Each whole warrant will be exercisable at C$2.00 for 18 months. The strike price reflects a 42.86% premium to the June 27 closing share price of C$1.40.
"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," president and chief executive officer Bill Radvak said in a press release.
Based in Vancouver, B.C., American Vanadium is developing the Gibellini Vanadium Project, a vanadium resource in Nevada.
| Issuer: | American Vanadium Corp.
|
| Issue: | Units of one common share and one quarter-share warrant
|
| Amount: | C$2.5 million
|
| Price: | C$1.50
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.00
|
| Agent: | Non-brokered
|
| Pricing date: | June 28
|
| Stock symbol: | TSX Venture: AVC
|
| Stock price: | C$1.40 at close June 27
|
| Market capitalization: | C$28.74 million
|
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