Non-brokered deal funds mine design, permitting and working capital
By Devika Patel
Knoxville, Tenn., Dec. 21 - American Vanadium Corp. said it settled a C$1.66 million non-brokered private placement of units. The deal priced for C$1.5 million on Nov. 28.
The company sold 2,554,999 units of one common share and one half-share warrant at C$0.65 per unit.
Each whole warrant is exercisable at C$1.00 for one year. The strike price is a 33.33% premium to the Nov. 27 closing share price of C$0.45.
Proceeds will be used for mine design, environmental permitting and general working capital.
Based in Vancouver, B.C., American Vanadium is developing the Gibellini Vanadium Project, a vanadium resource in Nevada.
Issuer: | American Vanadium Corp.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$1,660,749
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Units: | 2,554,999
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Price: | C$0.65
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$1.00
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Agent: | Non-brokered
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Pricing date: | Nov. 28
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Settlement date: | Dec. 21
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Stock symbol: | TSX Venture: AVC
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Stock price: | C$0.45 at close Nov. 27
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Market capitalization: | C$21.68 million
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