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Stock Market & Financial Investment News

News Breaks
June 10, 2014
09:54 EDTAVLAvalon Rare Metals investors to buy 9.23M units in registered direct offering
Avalon Rare Metals has entered into a definitive agreement with an institutional investor pursuant to which the investor will purchase 9,237,875 units of the company at a price of 43.3c per unit. Each unit will be comprised of a common share and 0.70 of a common share purchase warrant. Each whole warrant is exercisable into a common share of the Company at an exercise price of 56c per share commencing six months following issuance, and has a term of exercise of six and a half years from the initial exercise date and is subject to certain anti-dilution provisions. The gross proceeds of the offering will be approximately $4M, and net proceeds, after deducting the placement agent's fee and other estimated offering expenses payable by Avalon, are expected to be approximately $3.56M.
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