American Vanadium Corp. (TSXV:AVC,OTCQX:AVCVF) closed the first tranche of its previously announced non-brokered private placement. The Company issued a total of 10,000,000 units at the price of CDN$0.40 per unit to Dundee Corporation for total gross proceeds of CDN$4,000,000.

As quoted in the press release:

Following closing of the Private Placement, Dundee would be a Control Person (as such term is defined in TSX-V Policy 1.1) of the Company. At a shareholders’ meeting held on December 6, 2013, the shareholders of the Company approved the creation of Dundee as a new Control Person.

Each Unit issued pursuant to the Private Placement consists of one common share in the capital of the Company (a “Common Share”) and one-half of one warrant exercisable at $0.60 (“Warrant”). Each whole Warrant entitles the holder thereof to purchase one Common Share (a “Warrant Share”) at a price of $0.60 until March 6, 2016.

Click here to read the American Vanadium Corp. (TSXV:AVC,OTCQX:AVCVF) press release
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