Avalon Rare Metals Inc. Announces Proposed Public Offering of Common Shares
27.07.2011 | ABN Newswire
09:35 AEST July 27, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Toronto, Canada (ABN Newswire) - Avalon Rare Metals Inc. (TSE: AVL) (AMEX: AVL) announced today that it has filed a preliminary prospectus supplement under its final base shelf prospectus dated May 4, 2011 with the securities regulators in each of the provinces and territories of Canada, other than Québec, and with the U.S. Securities and Exchange Commission (the 'SEC'), pursuant to which the Company proposes to complete an offering of 7.0 million common shares of the Company upon terms to be determined in the context of the market.
Citigroup Global Markets Inc. and Dahlman Rose & Company, LLC are acting as joint book-running managers for the offering and as the representatives of the several underwriters. The common shares are being offered in the United States by the Company pursuant to a registration statement filed with the SEC, which became effective on May 5, 2011.
When available, copies of the preliminary prospectus supplement, the final prospectus supplement and accompanying base prospectus relating to this offering can be obtained at the SEC's website at www.sec.gov and on SEDAR at www.sedar.com. A copy of the preliminary prospectus supplement and accompanying prospectus relating to these securities may also be obtained from Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220 (Tel: 800-831-9146 or e-mail: batprospectusdept@citi.com) and from Dahlman Rose & Company, LLC, Attn: Prospectus Department, 1301 Avenue of the Americas, 44th Floor, New York, NY 10019 (Tel: 212-920-4521 or email: prospectus@drco.com).
The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The offering is expected to price before 9:30 am EST on Wednesday, July 27, 2011.
It is anticipated that the net proceeds of the offering will be used to complete a bankable feasibility study on the Company's Thor Lake Rare Metals Project, for working capital and for general corporate purposes. The offering remains subject to the approval of the Toronto Stock Exchange and the NYSE Amex and applicable regulatory approvals.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Avalon Rare Metals Inc.:
Avalon Rare Metals Inc. (TSX: AVL) (NYSE: AVL) is a mineral exploration and development company focused on rare metals deposits in Canada. Its flagship project, the 100%-owned Nechalacho Deposit, Thor Lake, NWT, is emerging as one of the largest undeveloped rare earth elements resources in the world. Its exceptional enrichment in the more valuable 'heavy' rare earth elements, which are key to enabling advances in green energy technology and other growing high-tech applications, is one of the few potential sources of these critical elements outside of China, currently the source of 95% of world supply. Avalon is well funded, has no debt and its work programs are progressing steadily. Social responsibility and environmental stewardship are corporate cornerstones.
Contact:
Avalon Rare Metals Inc.
http://www.avalonraremetals.com
Email: ir@avalonraremetals.com