06:14:06 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Avalon Rare Metals Inc
Symbol AVL
Shares Issued 141,943,258
Close 2015-05-26 C$ 0.315
Market Cap C$ 44,712,126
Recent Sedar Documents

Avalon Rare Metals closes $4-million public offering

2015-05-27 09:31 ET - News Release

Mr. Don Bubar reports

AVALON CLOSES PUBLIC OFFERING FOR GROSS PROCEEDS OF $4 MILLION

Avalon Rare Metals Inc. has closed its previously announced public offering of flow-through common shares and units as described in the company's news release of April 29, 2015. The offering has resulted in gross proceeds to the company of $4,007,000.

The company issued 6,410,254 flow-through shares priced at 39 cents per flow-through share and 4,431,970 units priced at 34 cents per unit. Each unit consists of one common share and one-half of one non-transferrable common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at a price of 42.5 cents per share, until Nov. 27, 2016. Each flow-through share will qualify as a flow-through share within the meaning of the Income Tax Act (Canada).

The company intends to use the gross proceeds from the sale of the flow-through shares for work on three mineral properties (the Nechalacho rare earth element project, the East Kemptville tin-indium project and the Separation Rapids lithium project), and the net proceeds from the sale of the units for working capital and general corporate purposes.

Secutor Capital Management Corp. acted as the agent for the offering and was paid a cash fee of $240,412 and was issued 650,533 agent compensation warrants. Each agent compensation warrant is exercisable into one common share of the company at an exercise price of 34 cents per share until Nov. 27, 2016.

The offering was made outside of the United States by way of a prospectus supplement dated April 29, 2015, to the Canadian base shelf prospectus dated Sept. 10, 2013. The prospectus supplement relating to the offering was filed with the applicable provinces and territories in Canada and is available on SEDAR. The prospectus supplement forms part of the shelf registration statement filed with the U.S. Securities and Exchange Commission, File No. 333-190771, which was declared effective by the SEC on Sept. 12, 2013, and was filed with the SEC pursuant to General Instruction II.L. of Form F-10 under the U.S. Securities Act, registering for distribution under the U.S. Securities Act the unit shares, warrants and flow-through shares, and is available at the SEC's website.

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