Avalon Rare Metals may sell shares for gross proceeds up to $25M

theflyonthewall.com

Avalon Rare Metals has entered into a sales agreement Cowen, pursuant to which the company may, at its discretion and from time to time during the term of the agreement, sell, through Cowen such number of common shares of the company as would result in aggregate gross proceeds to the company of up to $25M. Sales of common shares will be made through "at the market" issuances on the NYSE MKT at the market price prevailing at the time of each sale, and, as a result, prices may vary. The company has filed a prospectus supplement pursuant to which the company may issue up to $8.1M of common shares in an at-the-market distribution. Pursuant to the agreement, the company may file additional prospectus supplements in the United States and Canada in the future. No offers or sales of common shares will be made in Canada pursuant to the agreement, the company said.

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