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 announces $1m private placement financing, appoints CFO
Junior mining company American Vanadium Corp (CVE:AVC) said Tuesday it plans to carry out a non-brokered private placement financing to raise up to $1 million.
The company said it plans to sell up to 667,000 units at $1.50 each, for proceeds of little more than $1 million.
Each unit consists of one common share and one-quarter of a share purchase warrant of American Vanadium, exercisable at the price of $2.00 for a period of a year and half from closing. The financing is subject to all applicable regulatory approvals.
American Vanadium intends to use the proceeds from the financing to fund further development of the company’s Gibellini vanadium project.
Gibellini rests in Eureka County, Nevada, about 27.5 miles south of the town of Eureka, and covers an area measuring roughly 2,624 acres.
In separate news, the company also announced the appointment of John Downes as Chief Financial Officer. Downes, who starts in his position today, replaces Peter Miller.
American Vanadium, formerly Rocky Mountain Resources Corp., is a Canada-based junior mining company, with its main focus on the development of its Gibellini project.
Vanadium is a critical alloying-metal used to strengthen steel and is also growing in importance in the emerging uses of mass energy storage and lithium-vanadium batteries.
