Non-brokered deal funds Gibellini project; company appoints new CFO
By Devika Patel
Knoxville, Tenn., Aug. 23 - American Vanadium Corp. said it will conduct a C$1 million non-brokered private placement of units.
The company will sell 667,000 units of one common share and one quarter-share warrant at C$1.50 per unit. Each whole warrant will be exercisable at C$2.00 for 18 months. The strike price reflects a 44.93% premium to the Aug. 22 closing share price of C$1.38.
Proceeds will be used for development of the Gibellini Vanadium Project.
The company also announced that John Downes will replace K. Peter Miller as chief financial officer, effective Aug. 23.
Based in Vancouver, B.C., American Vanadium is developing the Gibellini Vanadium Project, a vanadium resource in Nevada.
| Issuer: | American Vanadium Corp.
|
| Issue: | Units of one common share and one quarter-share warrant
|
| Amount: | C$1 million
|
| Units: | 667,000
|
| Price: | C$1.50
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.00
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 23
|
| Stock symbol: | TSX Venture: AVC
|
| Stock price: | C$1.38 at close Aug. 22
|
| Market capitalization: | C$28.33 million
|
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