Australian Vanadium to Raise Nearly AU$8 Million via Share Placement; Shares Down 11%

MT Newswires Live

13 hours ago

Australian Vanadium (ASX:AVL) received firm commitments to raise about AU$7.5 million through the placement of 28.8 million new shares at AU$0.26 apiece, according to a Wednesday filing with the Australian bourse.

The company's major shareholder, RCF Private Equity Fund I L.P., participated in the placement for AU$1 million, the filing said.

Proceeds will be used for the company's 'pit to battery' strategy, including the pursuit of the Kalgoorlie battery project in Western Australia, per the filing.

Australian Vanadium shares fell 11% in morning trade on Wednesday.

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