American Vanadium Corp. (TSXV:AVC,OTCQX:AVCVF) announced a non-brokered private placement of up to up to $5 million, consisting of 12,500,000 units at the price of $0.40 per unit. The Company also announced the termination of the expiry of warrants issued in connection with a private placement closed on September 30, 2013 and November 4, 2013.
As quoted in the press release:
Each Unit shall consist of one common share (“Common Share”) in the capital of the Company and one half of a share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at the price of $.60 per Warrant for a period of two years from closing.
…The Company also announces that it wishes to extend the termination of the expiry of the Warrants exercisable at $0.60 each (“$0.60 Warrants) issued in connection with a private placement which closed on September 30, 2013 (first tranche) and November 4, 2013 (second tranche) as follows:
a)To extend the expiry date on the first tranche from March 30, 2014 to September 30, 2014; and
b)To extend the expiry date on the second tranche from May 4, 2014 to November 4, 2014.