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Avalon Rare Metals Inc. (TSE:AVL) (NYSE:AVL) announced today the closing of its previously announced public offering of 7,692,900 common shares, which includes 592,900 common shares issued pursuant to the partial exercise of the underwriters' option to purchase up to 1,065,000 additional common shares at the applicable offering price to cover over-allotments. The common shares were offered at a price to the public of US6.15 per share with respect to shares initially offered in the United States or in other countries outside of Canada and Cdn5.81 per share with respect to shares initially offered in Canada.
The gross proceeds of the offering, before expenses, were US47,311,335 (Cdn44,695,749). The Company intends to use the proceeds of the offering for the completion of a bankable feasibility study on the Thor Lake Rare Metals Project, working capital and general corporate purposes.
The common shares issued pursuant to the offering have been conditionally approved for listing by the Toronto Stock Exchange.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the final prospectus supplement and accompanying prospectus may be obtained at the SEC's website at www.sec.gov and on SEDAR at www.sedar.com. A copy of the final prospectus supplement and accompanying prospectus relating to these securities may also be obtained from Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220 (Tel: 800-831-9146 or e-mail: batprospectusdept@citi.com) and from Dahlman Rose & Company, LLC, Attn: Prospectus Department, 1301 Avenue of the Americas, 44th Floor, New York, NY 10019 (Tel: 212-920-4521, email: prospectus@drco.com or fax: 646-304-8824).
