Avalon Receives Additional $9.6 Million Dollars in Financing from Exercise of Amended Warrants

Avalon Rare Metals Inc. (TSX:AVL) announced that it has raised an additional $9,618,762 from the exercise of eligible share purchase warrants and broker warrants issued as part of the financing completed in September 2009.

The press release is quoted as saying:

On August 17, 2010, the Company announced a time-limited warrant amendment program to reduce the exercise price of eligible warrants from $3.00 to an amended exercise price of $2.51 for a 30-day period from September 1, 2010 until September 30, 2010. This amended price was based on the volume weighted average trading price of the Company’s shares for the five trading days prior to the date of the announcement.

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