American Vanadium Announces Private Placement and Corporate Update
Vancouver, BC / TheNewswire / February 25, 2015 / American Vanadium Corp.. ("American Vanadium" or the "Company") (TSX.V: AVC) (OTCQX: AVCVF) announces a non-brokered private placement (the "Private Placement") of up to 3 million units at the price of CDN$0.07 per unit (a "Unit") for proceeds of up to $210,000. Each Unit consists of one common share ("Common Share") in the capital of the Company and one half of a share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at the price of CDN$0.12 each for a period of 12 months from closing.
On closing, the Company may pay a finder's fee in cash of up to 6% of the gross proceeds from the total number of Units sold and Warrants of up to 6% of the number of Units sold.
The net proceeds of the Private Placement will be used for on-going general operating costs including for sales of the CellCube vanadium flow energy storage systems.
Closing of the Private Placement is subject to the receipt of all applicable regulatory approvals.
In light of the renewed focus of corporate activities on sales of the CellCube vanadium flow energy storage system in North America, Mike Doyle has resigned his position as Executive VP, Operations. Mr. Doyle will continue on in a consulting capacity as the Company moves forward with future development of the Gibellini Vanadium Project, Nevada. The Gibellini Project continues to move forward in the permitting phase.
Additionally, the Company advises that Roland Kaiser's contract as Head of Business Development and Mergers & Acquisitions with American Vanadium has expired and will not be renewed.
About American Vanadium Corp.
American Vanadium is an integrated energy storage company and the Master Sales Agent in North America for GILDEMEISTER energy solution's CellCube energy storage system. The CellCube is the world's leading commercially available vanadium flow battery, providing long duration solutions over a 20+ year life for a broad range of applications including renewable energy integration and demand charge reduction. CellCube is a powerful, durable and reliable energy storage system that ensures a clean, emission-free energy supply at all times. American Vanadium is developing the Gibellini Vanadium Project in Nevada to be the only dedicated vanadium mine in the United States, providing a critical source of vanadium electrolyte for CellCube energy storage systems.
ON BEHALF OF THE BOARD
Bill Radvak, President and CEO
For further information, please contact: Mike Hyslop, Director, Business Development
(604) 681-8588 X 102
mhyslop@americanvanadium.com
www.americanvanadium.com
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