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.
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.”