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Avala Resources Ltd Announces $10 Million Private Placement


Tuesday, 18 Dec 2012 03:40pm EST 

Avala Resources Ltd announced that it has entered into an agreement with Dundee Securities Ltd., on behalf of a syndicate including Stifel Nicolaus Canada Inc. as co-lead agent and Primary Capital Inc. (the "Agents") under which the Agents have agreed to offer for sale, on a best efforts private placement basis, units (the "Units") at a price of $0.20 per Unit (the "Unit Price") for gross proceeds of up to $10,000,000 (the "Offering"). Each Unit shall consist of one common share ("Share") of the Company and one full common share purchase warrant ("Warrant"). Each whole Warrant shall entitle the holder thereof to acquire one Share at a price of $0.30 for a period of 24 months following the closing of the Offering. The Company intends to use the net proceeds of the Offering for further exploration and development of the Timok Magmatic Complex in the Republic of Serbia and for general corporate purposes. The closing date of the Offering is scheduled on or about January 10, 2013. 

Company Quote

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15 Sep 2014