By Devika Patel
Knoxville, Tenn., Nov. 26 - Avalon Ventures Ltd. said it raised C$16,883,000 in a private placement of units and shares that settled on Nov. 23. The deal priced on Oct. 24 for C$15 million with a C$2.225 million greenshoe.
The company sold 7.61 million units of one common share and one half-share warrant at C$1.55 apiece for C$11,795,500. Each whole warrant will be exercisable for one common share at C$2.00 for 18 months.
Avalon also sold 2.75 million flow-through shares at C$1.85 per share for C$5,087,500.
The securities have a four-month hold period.
Research Capital Corp. led a syndicate of agents, which also included TD Securities Inc. The agents received a cash commission and compensation options to acquire up to 725,000 units.
Proceeds will be used for exploration and development, for working capital and other general corporate purposes.
Avalon Ventures is a Toronto-based junior mineral exploration and development company, with a primary focus on rare metals and minerals with high technology applications or offering environmental benefits.
| Issuer: | Avalon Ventures Ltd.
|
| Issue: | Units of one common share and one half-share warrant, flow-through shares
|
| Amount: | C$16,883,000
|
| Agents: | Research Capital Corp. (lead), TD Securities Inc.
|
| Fees: | Cash, 725,000 units
|
| Pricing date: | Oct. 24
|
| Settlement date: | Nov. 23
|
| Stock symbol: | TSX Venture: AVL
|
| Stock price: | C$1.65 at close Oct. 23
|
|
|
| Units
|
| Amount: | C$11,795,500
|
| Units: | 7.61 million
|
| Price: | C$1.55
|
| Warrants: | One half warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.00
|
|
|
| Shares
|
| Amount: | C$5,087,500
|
| Shares: | 2.75 million
|
| Price: | C$1.85
|
| Warrants: | No
|
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