- Australian Vanadium (AVL) has received firm commitments to undertake a $5 million placement
- More than 357 million fully paid shares will be issued to institutional and sophisticated investors at 1.4 cents each
- Subject to shareholder approval, participants will receive one free attaching option for every two shares issued
- These options will have an exercise price of 2.5 cents and will expire two years from issue
- AVL will use the money for the delivery of a bankable feasibility study, as well as technical and financial project delivery for the Australian Vanadium Project
- Shares in AVL are down 8.57 per cent and are trading for 1.6 cents each at 12:22pm AEST
