Closes US$4million Registered Direct Offering
Toronto, June 14, 2014 AEST (ABN Newswire) - Avalon Rare Metals Inc. (
TSE:AVL) (NYSEMKT:AVL) ("Avalon" or the "Company") is pleased to announce that it has closed its previously announced registered direct offering with an institutional investor for gross proceeds of approximately US$4 million, as further described in the Company's news release of June 10, 2014.
Net proceeds, after deducting the placement agent's fee and other estimated offering expenses payable by Avalon, are expected to be approximately US$3,560,000. Avalon plans to use the net proceeds from the offering for general corporate purposes, including funding ongoing operations and/or capital requirements, and discretionary capital programs. H.C. Wainwright & Co., LLC acted as the exclusive placement agent for the offering.
These securities were not offered for sale in Canada. This press release shall not constitute an offer to sell or solicitation of an offer to buy these securities, and these securities may not be offered or sold in any jurisdiction in which their offer or sale would be unlawful.
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.
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