Non-brokered offering funds exploration and general corporate purposes
By Devika Patel
Knoxville, Tenn., July 2 – Avalon Rare Metals Inc. said it completed a C$2.17 million oversubscribed, non-brokered private placement of units and stock. The deal priced for C$1.98 million on June 20.
The company sold 2,445,000 units of one common share and a half-share warrant at C$0.48 per unit. Each whole warrant is exercisable at C$0.60 for two years. Avalon also sold 1,653,866 flow-through common shares at C$0.60 apiece.
The price per share and warrant strike price is a 13.21% premium to the June 19 closing share price of C$0.53.
Proceeds will be used for drilling, 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.
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Issue: | Units of one common share and a half-share warrant, flow-through common shares
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Amount: | C$2,165,920
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Agent: | Non-brokered
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Pricing date: | June 20
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Settlement date: | July 2
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Stock symbol: | Toronto: AVL
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Stock price: | C$0.53 at close June 19
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Market capitalization: | C$54.23 million
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Units
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Amount: | C$1,173,600
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Units: | 2,445,000
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Price: | C$0.48
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | C$0.60
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Stock
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Amount: | C$992,320
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Shares: | 1,653,866
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Price: | C$0.60
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Warrants: | No
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