Avalon Completes Non-Brokered Private Placement for Gross Proceeds of $500,000
Toronto, Ontario– – Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) (“Avalon” or the “Company”) is pleased to announce that it has completed a non-brokered private placement today consisting of 2,500,000 flow-through shares at a price of $0.20 per share for gross proceeds of $500,000.
In conjunction with this private placement, Avalon paid finder’s fees of $30,000 and issued 150,000 non-transferrable finder’s warrants, with each finder’s warrant being exercisable to acquire one common share of the Company at a price of $0.20 for a period of 24 months from today. Pursuant to Canadian securities laws, the securities issuable under this private placement are subject to a hold period which expires on September 15, 2021.
The proceeds from this offering will be used to fund exploration programs planned for this summer on the Company’s Lilypad Cesium-Tantalum Project and Separation Rapids Lithium Project, both located in northwestern Ontario. As briefly described in the Company’s news release dated May 10, 2021, the Separation Rapids work program will be focused on geological mapping and geochemical sampling to follow up on new lithium pegmatite occurrences on the claims acquired in 2018 on the northwestern part of the property. A similar work program involving geochemical surveys and detailed geological mapping and sampling is planned for the Lilypad property with a focus on identifying additional cesium occurrences. Both programs are designed to identify new drill targets for a follow-up fall diamond drilling program.
For questions and feedback, please send an e-mail message to Avalon President and CEO, Donald Bubar, at [email protected]