Non-brokered offering funds exploration and general corporate purposes
By Devika Patel
Knoxville, Tenn., July 2 – Avalon Rare Metals Inc. said it completed a C$2.17 million oversubscribed, non-brokered private placement of units and stock. The deal priced for C$1.98 million on June 20.
The company sold 2,445,000 units of one common share and a half-share warrant at C$0.48 per unit. Each whole warrant is exercisable at C$0.60 for two years. Avalon also sold 1,653,866 flow-through common shares at C$0.60 apiece.
The price per share and warrant strike price is a 13.21% premium to the June 19 closing share price of C$0.53.
Proceeds will be used for drilling, exploration and general corporate purposes.
Avalon is a tin, lithium, tantalum, niobium, cesium, indium, gallium, zirconium and calcium feldspar exploration and development company in Toronto.
| Issuer: | Avalon Rare Metals Inc.
|
| Issue: | Units of one common share and a half-share warrant, flow-through common shares
|
| Amount: | C$2,165,920
|
| Agent: | Non-brokered
|
| Pricing date: | June 20
|
| Settlement date: | July 2
|
| Stock symbol: | Toronto: AVL
|
| Stock price: | C$0.53 at close June 19
|
| Market capitalization: | C$54.23 million
|
|
|
| Units
|
| Amount: | C$1,173,600
|
| Units: | 2,445,000
|
| Price: | C$0.48
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.60
|
|
|
| Stock
|
| Amount: | C$992,320
|
| Shares: | 1,653,866
|
| Price: | C$0.60
|
| Warrants: | No
|
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