American Vanadium Announces a Private Placement of up to $2 Million
October 14, 2014 (Source: Accesswire) — AMERICAN VANADIUM CORP. (“American Vanadium” or the “Company”) (TSX.V: AVC) (OTCQX: AVCVF) announces a non-brokered private placement (the “Private Placement”) of up to $2 million at the price of CDN$0.40 per unit (a “Unit”). Each Unit consists of one common share (“Common Share”) in the capital of the Company and one half of a share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at the price of CDN$0.60 each for a period of 18 months from closing.
On closing, the Company will pay a finder’s fee in cash of up to 6% of the gross proceeds from the total number of Units sold and Warrants of up to 6% of the number of Units sold.
The net proceeds of the Private Placement will be used for sales and marketing of the CellCube vanadium redox flow batteries, mine design, environmental permitting and general working capital.
Closing of the Private Placement is subject to the receipt of all applicable regulatory approvals.
About American Vanadium Corp.
American Vanadium is an integrated energy storage company and the Master Sales Agent in North America for GILDEMEISTER energy solution’s CellCube energy storage system. The CellCube is the world’s only commercially available vanadium flow battery, providing long duration solutions over a 20+ year life for a broad range of applications including renewable energy integration and demand charge reduction. CellCube is a powerful, durable and reliable energy storage system that ensures a clean, emission-free energy supply at all times. American Vanadium is developing the Gibellini Vanadium Project in Nevada to be the only dedicated vanadium mine in the United States, providing a critical source of vanadium electrolyte for CellCube energy storage systems.
Get our daily investorintel update
ON BEHALF OF THE BOARD
Bill Radvak, President and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>