American Vanadium Increases Size of Financing By Up To $2 Million
22 Outubro 2013 - 5:43PM
Access Wire
October 22, 2013- AMERICAN VANADIUM
CORP. ("American Vanadium" or the "Company")
(TSX.V: AVC) (OTCQX: AVCVF). Further to its press release of
September 16, 2013, American Vanadium has increased its previously
announced non-brokered private placement (the "Private Placement")
by up to $2,000,000 at the price of CDN$0.50 per unit (a "Unit").
Each Unit consists of one common share in the capital of the
Company (a "Common Share"), one half of a warrant exercisable at
$0.60 ("$0.60 Warrant") and one half of a warrant exercisable at
$0.80 ("$0.80 Warrant"). Each whole $0.60 Warrant will entitle the
holder thereof to purchase one Common Share (a "Warrant Share") at
a price of $0.60 for a period of 6 months from issuance. Each whole
$0.80 Warrant will entitle the holder thereof to purchase one
Warrant Share at a price of $0.80 for a period of 2 years from
issuance.
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
activities 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.
All securities issued
in connection with the Private Placement will be subject to a
statutory hold period of four months plus a day from the date
hereof in accordance with applicable securities laws.
The securities have
not been registered under the United States Securities Act of 1933,
as amended, or any state securities laws and may not be offered or
sold in the United States absent registration thereunder or an
applicable exemption from such registration requirements. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities in the United
States.
About American Vanadium
Corp.
American Vanadium is
an integrated energy storage company that markets and sells
GILDEMEISTER'S CellCube vanadium redox flow batteries in North
America. American Vanadium is developing the only vanadium mine in
the United States, providing a critical source of vanadium
electrolyte for CellCube energy storage systems. The Company's
Gibellini Vanadium 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.
ON BEHALF OF THE BOARD
Bill Radvak,
President and CEO
For further information, please contact:
Dan Schieber, Director,
Corporate Finance
(604) 681-8588 X 106
dschieber@americanvanadium.com
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 with
respect to obtaining shareholder approval, use of proceeds, 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.
THIS
PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN
OFFER OF THE SECURITIES DESCRIBED HEREIN.
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