American Vanadium Closes First Tranche of Private Placement with Dundee Corporation, Extends Terms of Existing Warrants and C...
06 Março 2014 - 7:07PM
Access Wire
Vancouver, BC / ACCESSWIRE
/ March 6, 2014
/ AMERICAN VANADIUM
CORP. ("American Vanadium" or the "Company") (TSX.V:
AVC) (OTCQX: AVCVF) is pleased to report that it has closed the
first tranche of non-brokered private placement announced on
February 24, 2014 (the "Private Placement"). It has issued a total
of 10,000,000 units at the price of
CDN$0.40 per unit (a "Unit") to Dundee Corporation ("Dundee") for
total gross proceeds to the Company of
CDN$4,000,000. Following closing of the
Private Placement, Dundee would be a Control Person (as such term
is defined in TSX-V Policy 1.1) of the Company. At a shareholders'
meeting held on December 6, 2013, the shareholders of the Company
approved the creation of Dundee as a new Control Person.
Each Unit issued pursuant to
the Private Placement consists of one common share in the capital
of the Company (a "Common Share") and one-half of one warrant
exercisable at $0.60 ("Warrant"). Each whole Warrant entitles the
holder thereof to purchase one Common Share (a "Warrant Share") at
a price of $0.60 until March 6, 2016.
The net proceeds of the
Private Placement will be used for mine design, environmental
permitting, general working capital and for sales and marketing
activities of the CellCube vanadium redox flow
batteries.
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 Company is also pleased to
report that the TSX Venture Exchange has approved the extension of
the termination of the expiry of Warrants exercisable at $0.60 each
issued in connection with the private placements which closed on
September 30, 2013 and November 4, 2013 as follows:
a) from March 30, 2014 to
September 30, 2014; and
b) from May 4, 2014 to
November 4, 2014.
The Company also announces
that it has initiated an executive search for a successor to
President and Chief Executive Officer, Bill Radvak. Mr. Radvak will
remain with the Company through the appointment and transition
period to ensure an orderly succession.
"American Vanadium has evolved
into an energy storage company and it is the right time for the
company to transition leadership to maximize the opportunities that
lie ahead", stated Bill Radvak, President & Chief Executive
Officer of the Company.
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
http://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.
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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