The press release is quoted as saying:
Each Unit consists of one common share in the capital of the Company and one-quarter of a share purchase warrant exercisable at the price of $2.00 each for a period of 18 months from closing.
Closing of the Private Placement is subject to the receipt of all applicable regulatory approvals. The proceeds of this offering will be used to fund further development of the Company’s Gibellini Vanadium Project.
The Company is also pleased to announce the appointment of John Downes as Chief Financial Officer of the Company effective August 23, 2011 who will replace K. Peter Miller.
American Vanadium’s President and CEO, Bill Radvak says:
“We thank Peter for his contributions to the Company and we wish him the best in his future endeavors.”