Avalon Rare Metals closes US$4million registered direct offering
Toronto, Ontario– Avalon Rare Metals Inc. (TSX: AVL) (NYSE MKT: AVL) ("Avalon" or the "Company") is pleased to announce that it has closed its previously announced registered direct offering with an institutional investor for gross proceeds of approximately US$4 million, as further described in the company's news release of June 10, 2014.
Net proceeds, after deducting the placement agent's fee and other estimated offering expenses payable by Avalon, are expected to be approximately US$3,560,000. Avalon plans to use the net proceeds from the offering for general corporate purposes, including funding ongoing operations and/or capital requirements, and discretionary capital programs. H.C. Wainwright & Co., LLC acted as the exclusive placement agent for the offering.
These securities were not offered for sale in Canada. This press release shall not constitute an offer to sell or solicitation of an offer to buy these securities, and these securities may not be offered or sold in any jurisdiction in which their offer or sale would be unlawful.
About Avalon Rare Metals Inc.
Avalon Rare Metals Inc. is a mineral development company focused on rare metal deposits in Canada. Its 100%-owned Nechalacho Deposit, Thor Lake, NWT is exceptional in its large size and enrichment in the scarce 'heavy' rare earth elements, key to enabling advances in clean technology and other growing high-tech applications. With a positive feasibility study and environmental assessment completed, the Nechalacho Project is a potential large new source of heavy rare earths outside of China, currently the source of most of the world's supply. Social responsibility and environmental stewardship are corporate cornerstones.