Non-brokered deal funds mine design, permitting and working capital
By Devika Patel
Knoxville, Tenn., April 11 - American Vanadium Corp. said it settled a C$1.13 million non-brokered private placement of units. The deal priced for C$1.6 million on March 7 and was revised on April 5.
The company sold 1,607,698 units of one common share and one half-share warrant at C$0.70 per unit. The units originally were priced at C$0.80 apiece.
Each whole warrant is exercisable at C$1.20 until April 11, 2014. The strike price is a 33.33% premium to the March 6 closing share price of C$0.90.
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.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1,125,389
|
| Units: | 1,607,698
|
| Price: | C$0.70
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | April 11, 2014
|
| Warrant strike price: | C$1.20
|
| Agent: | Non-brokered
|
| Pricing date: | March 7
|
| Amended: | April 5
|
| Settlement date: | April 11
|
| Stock symbol: | TSX Venture: AVC
|
| Stock price: | C$0.90 at close March 6
|
| Market capitalization: | C$19.47 million
|
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