AVL successfully concludes an institutional placement, raising AU$15.7 million in funding

Australian Vanadium Limited (ASX: AVL) has completed an institutional placement, raising AU$15.7 million in capital. Initially announced on September 25, 2023, the placement received strong support from Resource Capital Fund VII LP (RCF) and other institutional investors. This involved the issuance of approximately 603 million new fully paid ordinary shares at a fixed price of AU$0.026 per share.

Proceeds from the placement will support AVL-TMT merger integration, projects, working capital, and related expenses. The trading halt is anticipated to be lifted before the market opens today, with placement settlement scheduled for September 29, 2023. The newly issued shares will have equivalent standing to AVL's existing shares, with Macquarie Capital and Canaccord Genuity acting as placement coordinators.

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