American Vanadium Announces a Private Placement of up To $2.5 Million
(via Thenewswire.ca)
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June 26, 2013 -
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 $2,500,000 at the price of CDN$0.70 per unit (a
"Unit"). 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$1.00 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.
The net proceeds of the Private Placement will be used
for sales and marketing of the CellCube vanadium redox flow batteries,
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 has entered into a master sales agreement with
GILDEMEISTER energy solutions to market and sell the CellCube vanadium
redox flow batteries in North America. 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 future plans and
objectives for the Gibellini Project and the energy
storage business. 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, 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. We may
not have adequate capital, financing or cash flow to sustain our
business or implement our business plans. Statements contemplating or
making assumptions regarding actual or potential sales, market size
and demand, prospective business contracts, customer orders or trends
in the energy storage market constitute forward looking statements.
Our actual results may differ from those indicated in forward looking
statements as the energy storage and renewable energy generation
business is subject to significant economic, competitive, regulatory,
business and industry risks which are difficult to predict and many of
which are beyond our control. Our business performance may be
adversely affected by a general decline in the economy, unavailability
of capital or financing for prospective customers to purchase products
and services from us, competition, changes in regulations, a decline
in the demand for energy storage and other risks. 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.
Copyright (c) 2013 TheNewswire - All rights reserved.
