The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Australian Vanadium (AVL) has received firm commitments to undertake a $5 million placement
  • More than 357 million fully paid shares will be issued to institutional and sophisticated investors at 1.4 cents each
  • Subject to shareholder approval, participants will receive one free attaching option for every two shares issued
  • These options will have an exercise price of 2.5 cents and will expire two years from issue
  • AVL will use the money for the delivery of a bankable feasibility study, as well as technical and financial project delivery for the Australian Vanadium Project
  • Shares in AVL are down 8.57 per cent and are currently trading for 1.6 cents each

Australian Vanadium (AVL) has received firm commitments to undertake a $5 million placement.

The vanadium producer entered a trading halt on September 23 but did not disclose how much it would be raising.

All up, 357,142,857 ordinary fully paid shares will be issued to institutional and sophisticated investors at 1.4 cents each.

This price represents a 10.02 per cent discount to the 15-day volume-weighted average price of 1.56 cents and a 17.65 per cent discount to the last closing price of 1.7 cents.

Subject to shareholder approval, participants will receive one free attaching option for every two shares issued. These options will have an exercise price of 2.5 cents and will expire two years from issue.

AVL will use the money for the delivery of a bankable feasibility study, as well as technical and financial project delivery for the Australian Vanadium Project.

The money will also go towards soil sampling, drill targeting, and airborne electromagnetic activities at the project.

Settlement is expected to occur on September 29.

Shares in AVL are down 8.57 per cent and are trading for 1.6 cents each at 12:22pm AEST.

AVL by the numbers
More From The Market Online

Sierra Rutile rejects takeover bid from PRM Services again

Sierra Rutile has urged its shareholders for a second time to reject a takeover offer from…

Terra Uranium picks up prime 15M-pound deposit in Canada

Terra Uranium has bolstered its Canadian portfolio by acquiring the Amer Lake deposit in Nunavut, which…
The Market Online Video

Lithium Universe locks in shipping port location for lithium spodumene imports

Lithium Universe (ASX:LU7) has locked in a maritime port through which it can receive shipments of…

AIC raises ore reserve estimates by 86% copper and gold at QLD’s Jericho

AIC Mines has updated its ore reserve estimate at the Jericho deposit in north Queensland showing…