FinTechFunding

Australian Vanadium: Raises $5M for namesake project

  • 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
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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