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.
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Issue: | Units of one common share and one half-share warrant, flow-through shares
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Amount: | C$16,883,000
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Agents: | Research Capital Corp. (lead), TD Securities Inc.
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Fees: | Cash, 725,000 units
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Pricing date: | Oct. 24
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Settlement date: | Nov. 23
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Stock symbol: | TSX Venture: AVL
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Stock price: | C$1.65 at close Oct. 23
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Units
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Amount: | C$11,795,500
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Units: | 7.61 million
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Price: | C$1.55
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Warrants: | One half warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$2.00
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Shares
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Amount: | C$5,087,500
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Shares: | 2.75 million
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Price: | C$1.85
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Warrants: | No
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