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Australian Vanadium raises $3 million to advance Gabanintha Vanadium Project

Attracting institutional investors further confirms the merits of the company’s plans.
Picture of cash
Managing director, Vincent Algar said the placement puts the company in a strong financial position.

Australian Vanadium Ltd (ASX:AVL) has placed 75 million shares at 4 cents per share with two institutional investors.

This will raise $3 million before costs with the funds used to advance the company’s flagship Gabanintha Vanadium Project.

Funded through to completion of pre-feasibility study

The funds will take the company through to completion of its pre-feasibility study, as well as providing working capital.

READ: Australian Vanadium adds another expert to lead vanadium pre-feasibility study

The company views Gabanintha as highly comparable in size, grade and metallurgical characteristics to other operating mines.

Institutional support a show of confidence

Australian Vanadium managing director Vincent Algar said: “The placement puts the company in a strong financial position moving forward.

"Attracting institutional investors further confirms the merits of the company’s plans and demonstrates confidence in its management.”

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