Avalon Closes US$4million Registered Direct Offering
June 13 2014 - 5:54PM
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.
For questions and feedback, please e-mail the Company at
ir@avalonraremetals.com, or phone Don Bubar, President &
CEO at 416-364-4938.
This news release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to,
statements related to how the Company plans to use the net proceeds
from the Offering. Generally, these forward-looking statements can
be identified by the use of forward-looking terminology such as
"potential", "scheduled", "anticipates", "continues", "expects" or
"does not expect", "is expected", "scheduled", "targeted",
"planned", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will be" or "will not be" taken, reached or
result, "will occur" or "be achieved". Forward-looking statements
are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity,
performance or achievements of Avalon to be materially different
from those expressed or implied by such forward-looking statements.
Forward-looking statements are based on assumptions management
believes to be reasonable at the time such statements are made.
Although Avalon 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.
Factors that may cause actual results to differ materially from
expected results described in forward-looking statements include,
but are not limited to market conditions, the need for continued
cooperation and performance of the parties to the transaction, as
well as those risk factors set out in the Company's current Annual
Information Form, Management's Discussion and Analysis and other
disclosure documents available under the Company's profile at
www.SEDAR.com. 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. Such
forward-looking statements have been provided for the purpose of
assisting investors in understanding the Company's plans and
objectives and may not be appropriate for other purposes.
Accordingly, readers should not place undue reliance on
forward-looking statements. Avalon does not undertake to update any
forward-looking statements that are contained herein, except in
accordance with applicable securities laws.
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