Australian Vanadium Ltd (ASX:AVL) has reached an agreement for the placement of 50 mln shares together with 50 mln free attaching listed options to raise A$750,000.
The options will be exercisable at A$0.02 each on or before 31 December 2018.
The company is focused on the delivery of key milestones at its flagship Gabanintha Vanadium deposit in Western Australia.
Funds raised will assist AVL in advancing the project towards feasibility and approval.
With rising demand for vanadium in steel and energy storage applications, AVL is well placed to advance off-take discussions with key market participants.
The placement to sophisticated and professional investors will be completed in two tranches, with 50 mln shares and 25 mln options being issued under the company’s available placement capacity and the balance of 25 mln options subject to shareholder approval.