American Vanadium Announces $2 Million Private Placement

American Vanadium (TSXV:AVC, OTCQX:AVCVF) announced it is holding a private placement of up to $2 million, with a price of $0.40 per unit. Each unit will consist of one common share and one half of a share purchase warrant. The net proceeds of the placement will be used for sales and marketing of the CellCube vanadium redox flow batteries as well as mine design, environmental permitting and general working capital.

According to the press release:

Each Unit consists 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 CDN$0.60 each for a period of 18 months from closing.

On closing, the Company will pay a finder’s fee in cash of up to 6% of the gross proceeds from the total number of Units sold and Warrants of up to 6% of the number of Units sold.

Click here to read the American Vanadium (TSXV:AVC,,OTCQX:AVCVF) press release