Avalon Closes $2.5 million Preferred Share Financing
March 10 2017 - 2:03PM
Avalon Advanced Materials Inc. (TSX:AVL)
(OTCQX:AVLNF) (“Avalon” or the “Company”) is pleased to announce
that it has closed its previously announced preferred share
financing with an entity managed by The Lind Partners, a New York
based asset management firm (“Lind”), as described in the Company’s
news release of March 3, 2017.
The financing involved the issuance of 500
Series A1 Preferred Shares on a private placement basis at a price
of $5,000 per share for gross proceeds of $2,500,000. In addition,
Lind received 6,900,000 common share purchase warrants exercisable
until March 10, 2022 at a price of $0.23 per common share.
The proceeds will be used for ongoing market
development work, metallurgical studies and preliminary engineering
work on the Separation Rapids Lithium Project and for general
working capital purposes. The work at Separation Rapids will
include a 2,000 metre diamond drilling program scheduled to begin
during the week of March 20. This program will test projected
extensions of the presently defined petalite resource, known to be
enriched in lithium mica (lepidolite) mineralization.
This news 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.
About The Lind PartnersThe Lind
Partners is a New York-based institutional fund management firm
focused on small-and mid-cap companies publicly traded in Canada,
Australia and the UK across mining, oil & gas, biotech and
technology. Lind employs a multi-strategy investment approach:
direct investments of new capital; participation in syndicated
equity placements; IPO/pre-IPO investments; and selective open
market trades. Since 2009, the Lind team has completed over 75
direct investments totaling over $600 million in value.
About Avalon Advanced Materials
Inc. Avalon Advanced Materials Inc. 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.
For questions and feedback, please e-mail the
Company at ir@AvalonAM.com, or phone Don Bubar, President & CEO
at 416-364-4938.
This news release contains “forward-looking
statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities legislation. Forward-looking statements include, but are
not limited to, statements related to how the Company plans to use
the net proceeds from the financing, that the work at Separation
Rapids will include a 2,000 metre diamond drilling program
scheduled to begin during the week of March 20, and that this
program will test projected extensions of the presently defined
petalite resource, known to be enriched in lithium mica
(lepidolite) mineralization. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as “potential”, “scheduled”, “anticipates”,
“continues”, “expects” or “does not expect”, “is expected”,
“scheduled”, “targeted”, “planned”, or “believes”, or variations of
such words and phrases or state that certain actions, events or
results “may”, “could”, “would”, “might” or “will be” or “will not
be” taken, reached or result, “will occur” or “be achieved”.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Avalon to be
materially different from those expressed or implied by such
forward-looking statements. Forward-looking statements are based on
assumptions management believes to be reasonable at the time such
statements are made. Although Avalon has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. Factors that may cause actual
results to differ materially from expected results described in
forward-looking statements include, but are not limited to market
conditions, and the possibility of cost overruns or unanticipated
costs and expenses as well as those risk factors set out in the
Company’s current Annual Information Form, Management’s Discussion
and Analysis and other disclosure documents available under the
Company’s profile at www.SEDAR.com. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Such forward-looking statements have been provided
for the purpose of assisting investors in understanding the
Company’s plans and objectives and may not be appropriate for other
purposes. Accordingly, readers should not place undue reliance on
forward-looking statements. Avalon does not undertake to update any
forward-looking statements that are contained herein, except in
accordance with applicable securities laws.
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