Avalon advanced materials [TSX: AVL}
Announced that it has completed a non-brokered private placement today consisting of 10,000,000 flow-through shares at a price of $0.07 per share for gross proceeds of $700,000.
Pursuant to Canadian securities laws, the securities issuable under this private placement are subject to a hold period which expires on April 22, 2019.
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Avalon Completes Non-Brokered Private Placement
for Gross Proceeds of $700,000
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December 21, 2018
Toronto, ON – Avalon Advanced Materials is pleased to announce that it has completed a non-brokered private placement today consisting of 10,000,000 flow-through shares at a price of $0.07 per share for gross proceeds of $700,000. Pursuant to Canadian securities laws, the securities issuable under this private placement are subject to a hold period which expires on April 22, 2019.
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The proceeds from this offering will be used primarily to fund planned work programs on the Company’s Separation Rapids Lithium Project (“Separation Rapids”) and East Kemptville Tin Project (“East Kemptville”). These include ongoing geological compilation work and metallurgical process testwork at Separation Rapids and a confirmation drilling program at East Kemptville to better define the internal grade distribution within the 6 million tonne stockpile of previously-mined tin mineralisation.
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Ongoing work at East Kemptville includes preparation of the closure plan for the mining lease application, along with related environmental assessment work and community engagement. This work is expected to be completed in the first quarter of 2019. Collection of a 10 tonne bulk sample from the stockpile is also planned for early 2019, to proceed with pilot scale ore-sorting testwork as described in the Company’s new release dated September 17, 2018. This testwork, combined with the confirmation drilling program on the stockpile, will be utilized to finalize the Feasibility Study on the East Kemptville small-scale site re-development model for mid-2019.
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This press release is not an offer of securities for sale in the United States. The securities have not been and will not be registered under the US 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. All currency reported in this release is in Canadian dollars.
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The technical information included in this news release has been reviewed and approved by Donald S. Bubar, P. Geo., President and Chief Executive Officer of the Company who is a Qualified Person under NI 43-101.
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