American Vanadium Closes Second Tranche of Private Placement for $1 Million
09 May 2014 - 7:29AM
Access Wire
Vancouver, BC / ACCESSWIRE /
May 8, 2014 /
AMERICAN VANADIUM
CORP. ("American Vanadium" or the "Company") (TSX.V:
AVC) (OTCQX: AVCVF) is pleased to report that it has closed the
second tranche of non-brokered private placement announced on
February 24, 2014 (the "Private Placement"). It has issued a total
of 2,500,000 units at the price of
CDN$0.40 per unit (a "Unit") for gross proceeds to the Company of
CDN$1,000,000. The Company has issued an
aggregate of 12,500,000 units for total gross proceeds of
CDN$5,000,000 from the two tranches of the Private
Placement.
Each Unit issued pursuant to
the Private Placement consists of one common share in the capital
of the Company (a "Common Share") and one-half of one warrant
exercisable at $0.60 ("Warrant"). Each whole Warrant entitles the
holder thereof to purchase one Common Share (a "Warrant Share") at
a price of $0.60 until May 8, 2016.
The net proceeds of the
Private Placement will be used for mine design, environmental
permitting, general working capital and for sales and marketing
activities of the CellCube vanadium redox flow
batteries.
The Company paid a finder's
fee of 6% cash and the issued 6% Warrants on Units sold to certain
subscribers.
All securities issued in
connection with the Private Placement will be subject to a
statutory hold period of four months plus a day from the date
hereof in accordance with applicable securities laws.
About American Vanadium
Corp.
American Vanadium is an
integrated energy storage company that markets and sells
GILDEMEISTER'S CellCube vanadium redox flow batteries in North
America. American Vanadium is developing the only vanadium mine in
the United States, providing a critical source of vanadium
electrolyte for CellCube energy storage systems. The Company's
Gibellini Vanadium Project, located in Nevada, is being designed to
economically produce vanadium electrolyte for the energy storage
industry, as well as vanadium products for the steel and alloying
industries.
ON BEHALF OF THE BOARD
Bill Radvak, President and
CEO
For further information, please contact: Dan
Schieber, Director,
Corporate Finance
(604) 681-8588 X 106
dschieber@americanvanadium.com
www.americanvanadium.com
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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.
THIS
PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN
OFFER OF THE SECURITIES DESCRIBED HEREIN.
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