American Vanadium Announces a Private Placement of up To $2.5 Million
26 Junho 2013 - 9:30AM
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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.
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