The start of the death spiral of one of the competitors in Ontario for a refinery.
Toronto, Ontario--(Newsfile Corp. - March 18, 2024) - Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) ("Avalon" or the "Company") is pleased to announce that it has entered into a $15,000,000 convertible security funding agreement (the "Funding Agreement") with Lind Global Fund II, LP, an entity managed by The Lind Partners, a New York based institutional fund manager (together "Lind").
The first drawdown on the Funding Agreement will be for $2,750,000, and is expected to close within the next two weeks. Subject to further agreement by the parties, additional drawdowns under the Funding Agreement can be made on satisfaction of certain conditions.
The proceeds from the first drawdown will be used to accelerate the work program for the Company's planned lithium processing facility located in Thunder Bay, Ontario, including the initiation of a preliminary economic assessment, and cover near term working capital requirements.
The start of the death spiral of one of the competitors in...
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