Non-brokered offering funds exploration and general corporate purposes
By Devika Patel
Knoxville, Tenn., June 20 – Avalon Rare Metals Inc. said it will conduct a C$1.98 million non-brokered private placement of units and stock.
The company will sell 1 million units of one common share and a half-share warrant at C$0.48 per unit. Each whole warrant will be exercisable at C$0.60 for two years. Avalon will also sell 2.5 million flow-through common shares at C$0.60 apiece.
The price per share and warrant strike price are both a 13.21% premium to the June 19 closing share price of C$0.53.
Settlement is expected June 30.
Proceeds will be used for exploration and general corporate purposes.
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.
|
| Issue: | Units of one common share and a half-share warrant, flow-through common shares
|
| Amount: | C$1.98 million
|
| Agent: | Non-brokered
|
| Pricing date: | June 20
|
| Settlement date: | June 30
|
| Stock symbol: | Toronto: AVL
|
| Stock price: | C$0.53 at close June 19
|
| Market capitalization: | C$57.03 million
|
|
|
| Units
|
| Amount: | C$480,000
|
| Units: | 1 million
|
| Price: | C$0.48
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.60
|
|
|
| Stock
|
| Amount: | C$1.5 million
|
| Shares: | 2.5 million
|
| Price: | C$0.60
|
| Warrants: | No
|
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