American Vanadium Closes Private Placement
Vancouver, BC / TheNewswire / April 23, 2015 - American Vanadium Corp.. ("American Vanadium" or the "Company") (TSX.V: AVC) (OTCQX: AVCVF) is pleased to report that it has issued 3,014,285 units at the price of CDN$0.07 per unit (a "Unit") for gross proceeds to the Company of CDN$211,000 of its previously announced non-brokered private placement (the "Private Placement").
Each Unit issued pursuant to the Private Placement consists of one common share in the capital of the Company (a "Common Share") and one-half of one warrant exercisable at $0.12 (a "Warrant"). Each whole Warrant entitles the holder thereof to purchase one Common Share (a "Warrant Share") at a price of $0.12 until April 23, 2016.
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.
The Company paid a finders' fee of 6% cash and issued 6% Warrants on Units sold to certain subscribers.
The Company reports that it has also issued 30,000 common shares to Revelation Business Solutions Ltd. in connection with the termination of a consulting agreement dated August 26, 2014.
All securities issued in connection with the Private Placement and to Revelation Business Solutions Ltd. will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities laws.
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
(604) 681-8588 X 102
mhyslop@americanvanadium.com
www.americanvanadium.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY HEREIN.
Copyright (c) 2015 TheNewswire - All rights reserved.