Avalon Rare Metals (TSX:AVL,OTCQX:AVLNF) announced that it has completed a non-brokered private placement today of 6,000,000 flow-through units at a price of $0.125 per Flow-Through Unit for gross proceeds of $750,000. Each Flow-Through Unit was comprised of one flow-through common share and one-half of one non-flow-through common share purchase warrant. Each whole warrant shall entitle the holder to acquire one non-flow-through common share at a price of $0.175 for a period of 24 months from today.
Proceeds from the Private Placement will be used to fund eligible exploration work on Avalon’s Separation Rapids Lithium Project near Kenora, Ontario and its East Kemptville Tin-Indium Project, in Yarmouth, Nova Scotia.
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