Junior mining company American Vanadium Corp (CVE:AVC) said Tuesday it plans to carry out a non-brokered private placement financing to raise up to $1 million.
The company said it plans to sell up to 667,000 units at $1.50 each, for proceeds of little more than $1 million.
Each unit consists of one common share and one-quarter of a share purchase warrant of American Vanadium, exercisable at the price of $2.00 for a period of a year and half from closing. The financing is subject to all applicable regulatory approvals.
American Vanadium intends to use the proceeds from the financing to fund further development of the company’s Gibellini vanadium project.
Gibellini rests in Eureka County, Nevada, about 27.5 miles south of the town of Eureka, and covers an area measuring roughly 2,624 acres.
In separate news, the company also announced the appointment of John Downes as Chief Financial Officer. Downes, who starts in his position today, replaces Peter Miller.
American Vanadium, formerly Rocky Mountain Resources Corp., is a Canada-based junior mining company, with its main focus on the development of its Gibellini project.
Vanadium is a critical alloying-metal used to strengthen steel and is also growing in importance in the emerging uses of mass energy storage and lithium-vanadium batteries.
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