www.americanvanadium.com
American Vanadium Corp., formerly Rocky Mountain Resources Corp., is a Canada-based junior mining company. As of November 30, 2010, the Company’s main focus was the development of its Gibellini Project, located in Eureka County, Nevada. In June 2010, the Company initiated a bulk sampling program, comprising collection of samples from both oxide, and transition vanadium zones from four different trenches on the project, and a diamond drill program, which was two-phased. On September 9, 2010, the Company announced that it initiated a feasibility study of its Gibellini Project. In November 2009, the Company sold its interest in the Paris Hills mineral property to Stonegate Agricom Ltd (Stonegate). On September 29, 2010 the Company announced the acquisition of the Del Rio Property, a new vanadium project located approximately eight miles south of the Gibellini Project.
American Vanadium closes $3.7m private placement financing
American Vanadium (CVE:AVC) said Tuesday that it has completed the $3.7 million private placement announced in January.
The offering, agreed with a syndicate of agents led by Dundee Securities, consisted of 2.8 million units at a price of $1.35 per unit, with each unit comprising one common share and one half of one transferable common share purchase warrant.
Each warrant entitles the holder to purchase one common share at a price of $1.95 each until September 22, 2012.
Proceeds from the offering will be used to fund additional exploration at the company's Gibellini vanadium project in Nevada.
Vanadium is growing in importance as an alloying metal used to strengthen steel, as well as the emerging uses in the mass storage of green energy and high performance lithium vanadium batteries.
The company said a cash commission equal to 7% of the gross proceeds was paid to the agents, as well as additional warrants.
