Avalon Advanced Material Inc. (OTCMKTS:AVLNF) Stock Continues to Trade in a Narrow Range

Avalon Advanced Material Inc. (OTCMKTS:AVLNF) is moving in a range after announcing the closing of a non-brokered private placement of around 9.1 million flow-through units at $0.12 per unit and 2.92 million non-flow-through units at $0.1 per unit for total proceeds poof $1.384 million.

Market Stats

On Tuesday, AVLNF stock moved up 0.78% to $0.0813 with more than 85k, compared to its average volume of 147k shares. The stock has moved within a range of $0.0770 – 0.0850 after opening trading at $0.0785.

Avalon Completes Non-Brokered Private Placement for Gross Proceeds of $1,384,000

Notably, every flow-through unit comprises a common share and one-half of a common share purchase warrant. Warrant holders will be entitled to purchase one common share of Avalon at $0.18 for two years from the date of issuance. The non-flow-through units comprised a common share and 0.5 common share warrants, and a whole warrant entitles the holder to buy one common share of the company at $0.15 for two years.

CEO of the company Donald Bubar bought 250,000 flow-through units while the Board of Directors Chair Alan Ferry subscribed to around 300,000 flow-through units. The company will use proceeds from the private placement to fund a drilling project on Avalon’s Separation Rapids Lithium Project. Investors should watch AVLNF.

Key Quote

Donald Bubar, President and CEO of the Company, subscribed for 250,000 flow-through units and Alan Ferry, Chair of the Board of Directors of the Company, subscribed for 300,000 flow-through units. The proceeds from this private placement will be used to fund a winter drilling program on the Company’s Separation Rapids Lithium Project and for general working capital purposes.

Traders Corner

AVLNF stock is trading below the 20-Day and 50-Day Moving averages of $0.0836 and $0.0904 respectively. However, the stock is trading above the 200-Day moving average of $0.1163.