Avalon Advanced Materials Inc. (TSX:AVL,OTCQX:AVLNF) (formerly Avalon Rare Metals Inc.) announced that it has completed a non-brokered private placement today of 13,700,000 units at a price of $0.10 per unit for gross proceeds of $1,370,000.
Proceeds from this private placement will be used for general corporate purposes primarily related to the advancement of the Company’s Separation Rapids Lithium Project.
Avalon Advanced Materials President and CEO, Don Bubar, stated:
We are pleased to have completed this private placement in a challenging equity market environment. The proceeds from this private placement, along with the proceeds from the flow-through financing completed on December 24, 2015, provide the Company with sufficient funding to complete the planned Preliminary Economic Assessment on the Separation Rapids Lithium Project, scheduled for the end of June, 2016.
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