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Australian Vanadium (ASX:AVL) to raise $5M for namesake project
Source: Proactive Investors
  • 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.


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