By Laura Lutz
Washington, Dec. 7 - Avalon Ventures Ltd. announced plans to raise C$1.575 million from a private placement of flow-through units.
The company plans to sell up to 1.5 million units of one flow-through share and one half-share warrant at C$1.05 per unit. Each whole warrant will be exercisable for one non flow-through share at C$1.35 for one year.
Proceeds will be used for drilling on the company's Thor Lake, East Kemptville and Red Hill projects.
Settlement of the non-brokered deal is expected within the next two weeks.
Avalon is a Toronto-based mineral exploration company focused on industrial metals and rare metals with high-technology applications.
| Issuer: | Avalon Ventures Ltd.
|
| Issue: | Units of one flow-through share and one half-share warrant
|
| Amount: | C$1.575 million
|
| Units: | 1.5 million
|
| Price: | C$1.05
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.35
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 7
|
| Stock symbol: | TSX Venture: AVL
|
| Stock price: | C$0.97 at close Dec. 6
|
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