American Vanadium (CVE:AVC) said Monday that it has closed the $3.5 million non-brokered private placement financing, first announced in late June.
The company issued 2.33 million units at a price of $1.50 per unit, with each unit consisting of one common share and one quarter of a non-transferable share purchase warrant. Each whole warrant entitles the holder to purchase one additional share at a price of $2.00 each until January 15, 2013.
American Vanadium paid a cash finder's fee of over $143,000 in connection with the offering, and issued 23,940 finder's warrants.
The proceeds from the financing will be used to begin the detailed engineering process at the company’s Gibellini Vanadium project in Nevada.
Vanadium is used as an alloying metal to strengthen steel, and is also used with mass storage cells and lithium vanadium batteries for renewable energy.
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