American Vanadium Announces a Private Placement of up to 2,000,000 Units at $0.80 Each
AMERICAN VANADIUM CORP. ('American Vanadium? or the 'Company?)
(TSX.V: AVC) (OTCQX: AVCVF) announces a non-brokered private placement
(the 'Private Placement?) of up to 2,000,000 units at the price of
CDN$0.80 per unit (a 'Unit?) for total proceeds of $1.6 million. 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$1.20 each for a period of 12 months
from closing.
On closing, the Company will pay a finder′s fee in cash of up to 7% of
the gross proceeds from the total number of Units sold and Warrants of
up to 7% of the number of Units sold.
The net proceeds of the Private Placement will be used for mine design,
environmental permitting and general working capital.
Closing of the Private Placement is subject to the receipt of all
applicable regulatory approvals.
About American Vanadium Corp.
American Vanadium is developing the only vanadium mine in the United
States. The Company′s Gibellini Project, located in Nevada, is being
designed to economically produce vanadium electrolyte for the energy
storage industry, as well as vanadium products for the steel and
alloying industries.
A positive Feasibility Study and updated National Instrument 43-101 on
the Gibellini Project were completed by AMEC E&C Services in 2011.
American Vanadium trades on the TSX Venture Exchange as a tier-one
company under the symbol 'AVC?, the OTCQX Market under the symbol
'AVCVF? and the Frankfurt Stock Exchange under the symbol '0UA?.
ON BEHALF OF THE BOARD
Bill Radvak, President and CEO
For further information, please contact:
Bill Radvak, President & CEO
Phone: (604) 681-8588 X 101
Email:
bradvak@americanvanadium.com
or
Mike
Hyslop, Director, Corporate Development
Phone: (604)
681-8588 X 102
Email: mhyslop@americanvanadium.com
Web site: www.americanvanadium.com
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-Looking Statements: This press release contains
'forward-looking information? within the meaning of applicable Canadian
securities laws, including statements regarding the expected use of
proceeds from the Private Placement, and future plans and objectives for
the Gibellini Project. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause the
actual results, performance or achievements of American Vanadium to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking information.
Forward-looking information includes estimates of mine production rates
and mine life, revenues from future mining operations, capital and
operating costs, and pay-back period.Factors that may cause
actual results to vary include, but are not limited to, actual results
of current exploration activities; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined; future
prices of vanadium; possible variations in reserves, grade or recovery
rates; changes to capital and operating cost estimate, delays in
obtaining governmental approvals or financing or in the completion of
development or construction activities. Although American Vanadium has
attempted to identify important factors that could cause actual results
to differ materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements
will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. American Vanadium does not undertake to update any
forward-looking statements, except in accordance with applicable
securities laws.
AMERICAN VANADIUM CORP.
Bill Radvak, 604-681-8588 X 101
President
& CEO
bradvak@americanvanadium.com
or
Mike
Hyslop, 604-681-8588 X 102
Director, Corporate Development
mhyslop@americanvanadium.com
www.americanvanadium.com
