Avalon Completes Non-Brokered Private Placement for Gross Proceeds of $1,950,000
Avalon Completes Non-Brokered Private
Placement for Gross Proceeds of $1,950,000
Toronto, Ontario--(Newsfile Corp. - December 14, 2022) -
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 consisting of 11,470,624 flow-through units at a price of $0.17 per unit
for gross proceeds of $1,950,000.
Each flow-through unit was comprised of one flow-through common share and one half of one common
share purchase warrant, with each whole warrant entitling the holder to acquire one non-flow-through
common share of the Company at a price of $0.25 for a period of 24 months from closing.
In conjunction with this private placement, Avalon paid finder's fees of $117,000, half of which was
settled with 487,501 common shares of the Company at a deemed price of $0.12 per share. Pursuant to
Canadian securities laws, the securities issuable under this private placement are subject to a hold
period which expires four months and one day from closing.
The proceeds from this private placement will be used to fund a winter drilling program on the
Company's Separation Rapids Lithium Project.
Commented Avalon's President & CEO, Don Bubar,
"There has been very little drilling done on the main lithium pegmatite resource known as the Big
Whopper, since the original drilling program was done in 1997-98, but it is open for expansion below a
depth of 250 metres. The winter drilling program will focus on deeper drilling to assess the ultimate full
size potential for the Big Whopper resource. Drilling is also planned for the new Snowbank pegmatite
discovery once the necessary permit has been secured."
About Avalon Advanced Materials Inc.
Avalon Advanced Materials Inc. is a Canadian mineral development company specializing in
sustainably-produced materials for clean technology.
The Company now has four advanced stage
projects, providing investors with exposure to lithium, tin and indium, as well as rare earth elements,
tantalum, cesium and zirconium.
Avalon is currently focusing on developing its Separation Rapids
Lithium Project near Kenora, Ontario while continuing to advance other projects, including its 100%-
owned Lilypad Cesium-Tantalum-Lithium Project located near Fort Hope, Ontario. Social responsibility
and environmental stewardship are corporate cornerstones.
For questions and feedback, please e-mail Avalon President and CEO, Donald Bubar, at
.
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 Private Placement and that proceeds from this offering will be
to fund work programs on the Company's Separation Rapids Lithium Project. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/147991