Announces $2.0 Million Non-Brokered Private Placement
The Private Placement is scheduled to close in one or more tranches on or before June 30, 2014, and is conditional upon receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange and the NYSE MKT. The proceeds from the sale of the Flow-Through Shares will be used to fund the summer drilling programs and other eligible exploration work on Avalon's 100% owned Nechalacho Rare Earth Elements Property, Thor Lake, NWT and its 100% owned East Kemptville Tin-Indium Property, Yarmouth County, Nova Scotia. The proceeds from the sale of the Non Flow-Through Units will be used for general corporate purposes.
A finder's fee may be paid on a portion of the subscriptions of the Flow-Through Shares. It is anticipated that insiders of the Company will subscribe for 625,000 of the 2,500,000 Flow-Through Shares being offered. Pursuant to Canadian securities laws, any shares issued in the Private Placement will be subject to a hold period of four months plus one day from the date of issuance.
This press release is not an offer of Flow-Through Shares or Non Flow-Through Units for sale in the United States. The Flow-Through Shares and Non Flow-Through Units have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "US Securities Act"), and may not be offered or sold in the United States or to US persons (as defined in Regulation S under the US Securities Act) absent registration or an applicable exemption from registration.
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About Avalon Advanced Materials Inc
Avalon Advanced Materials Inc. (TSE:AVL) (OTCMKTS:AVLNF) (formerly Avalon Rare Metals) is a Canadian mineral development company specializing in niche market metals and minerals with growing demand in new technology. The Company has three advanced stage projects, all 100%-owned, providing investors with exposure to lithium, tin and indium, as well as rare earth elements, tantalum, niobium, and zirconium. Avalon is currently focusing on its Separation Rapids Lithium Project, Kenora, ON and its East Kemptville Tin-Indium Project, Yarmouth, NS. Social responsibility and environmental stewardship are corporate cornerstones.
Avalon Advanced Materials Inc