H.C. Wainwright sells units of one share and a warrant for 0.7 shares
By Devika Patel
Knoxville, Tenn., June 10 – Avalon Rare Metals Inc. said it plans a $4 million registered direct offering of units. H.C. Wainwright & Co., LLC is the agent.
The company will sell 9,237,875 units of one common share and one warrant for 0.7 shares at $0.433 per unit, with each whole warrant exercisable at $0.56 for 78 months. The strike price is a 9.8% premium to the June 9 closing share price of $0.51.
Settlement is expected on June 17.
Proceeds will be used for general corporate purposes, including operations, capital requirements and discretionary capital programs.
Avalon is a tin, lithium, tantalum, niobium, cesium, indium, gallium, zirconium and calcium feldspar exploration and development company in Toronto.
| Issuer: | Avalon Rare Metals Inc.
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| Issue: | Units of one common share and one warrant for 0.7 shares
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| Amount: | $4 million
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| Units: | 9,237,875
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| Price: | $0.433
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| Warrants: | One warrant for 0.7 shares per unit
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| Warrant expiration: | 78 months
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| Warrant strike price: | $0.56
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| Agent: | H.C. Wainwright & Co., LLC
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| Pricing date: | June 10
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| Settlement date: | June 17
|
| Stock symbol: | NYSE: AVL
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| Stock price: | $0.51 at close June 9
|
| Market capitalization: | $51.9 million
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