Avalon Rare Metals (TSE:AVL) Announces Filing of Short Form Preliminary Prospectus
Toronto, Sep 15, 2010 AEST (ABN Newswire) - Avalon Rare Metals Inc. (
TSE:AVL) (OTCQX:AVARF) ("Avalon" or the "Company") announced today that it has filed a short form preliminary prospectus with the securities regulators in each of the Provinces of Canada (other than Quebec), pursuant to which the Company proposes to complete an offering of units of the Company upon terms to be determined in the context of the market. Each Unit will be comprised of one common share in the capital of the Company and one-half of one common share purchase warrant. Each whole Warrant will entitle the holder thereof to acquire one common share for a period of 12 months following the closing date of the Offering. CIBC World Markets Inc. is acting as lead underwriter for the Offering, along with a syndicate of underwriters.
The net proceeds of the Offering will be used to continue exploration and development of the Company's Thor Lake project in the Northwest Territories and for general corporate purposes. The Offering remains subject to the approval of the Toronto Stock Exchange and applicable regulatory approvals.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to "U.S. persons", as such term is defined in Regulation S promulgated under the 1933 Act, absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.
About Avalon Advanced Materials Inc
Avalon Advanced Materials Inc. (TSE:AVL) (OTCMKTS:AVLNF) (formerly Avalon Rare Metals) is a Canadian mineral development company specializing in niche market metals and minerals with growing demand in new technology. The Company has three advanced stage projects, all 100%-owned, providing investors with exposure to lithium, tin and indium, as well as rare earth elements, tantalum, niobium, and zirconium. Avalon is currently focusing on its Separation Rapids Lithium Project, Kenora, ON and its East Kemptville Tin-Indium Project, Yarmouth, NS. Social responsibility and environmental stewardship are corporate cornerstones.
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