Avalon Advanced Materials Inc (OTCMKTS:AVLNF) Stock Slides After Completing Private Placement
On Wednesday, the Avalon Advanced Materials Inc (OTCMKTS:AVLNF) stock was in focus after the company came into the news cycle following the announcement that it had concluded its non-brokered private placement.
Trading Data
On Wednesday, AVLNF stock lost 4.82% to $0.0849 with more than 51.11K shares, compared to its average volume of 139.30K shares. The stock moved within a range of $0.0840 – 0.0873 after opening trading at $0.0866.
Avalon Completes Non-Brokered Private Placement for Gross Proceeds of $1,950,000
The company announced that the private placement in question consisted of as many as 11,470,624 flow through units priced at $0.17 each and Avalon Advanced managed to generated gross proceeds to the tune of $1,950,000. A solitary flow through unit was made up of one flow through common share and half of a common share purchase warrant. A whole warrant would entitle the warrant holder to pick up one flow through common share in Avalon for $0.25 within 24 months from the date of closing of the placement.
However, that was not all. The company also announced that the company also paid a finder’s fee of $117,000 in relation to the private placement. 50% of the finder’s fee was paid in the form of 487,501 common shares in the company with a deemed price of $0.12. It is now going to be interesting to see how the market reacts to the latest development over the course of the coming days. It may be a good time to keep an eye on the Avalon stock.
