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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sino Vanadium | TSXV:SVX | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Sino Vanadium Inc. (TSX VENTURE:SVX), a late-stage vanadium pentoxide (V205) play, announced the closing on December 23, 2010 of a non-brokered private placement. The Company raised an aggregate amount of $641,250, comprising 1,425,000 units priced at $0.45 per unit, each unit comprising one common share and one-half warrant. Each whole warrant will entitle the holder to purchase one additional common share for a period of up to two years from the closing of the offering. Each whole warrant will convert at $0.65 for the first 12 months following closing and at $0.75 for the remainder of the term. 140,000 finder's warrants were issued, each warrant exercisable into one common share at $0.45 per share until December 23, 2012, and a finder's fee of $44,755 was paid. All securities issued are subject to a four-month hold period expiring April 24, 2011. The offering is subject to acceptance of the TSX Venture Exchange. Proceeds will be used for working capital and general corporate purposes. About Sino Vanadium The Company owns 100% of the Daquan property in Shaanxi province, China. The property contains a world-class vanadium deposit in an indicated resource of 330mm lbs. (15.9M t) at an average grade of 0.95% and an inferred resource of 370mm lbs. (18.7M t) at an average grade of 0.92% of vanadium pentoxide (V2O5) with a 10% NPV of $878,318,000, as per its NI 43-101-compliant report, available on SEDAR (www.sedar.com). Mineral resources that are not mineral reserves have no demonstrated economic viability. China is the world's largest single consumer of vanadium, which it uses primarily for high-strength steel and titanium alloys. Sino Vanadium also sees strong future potential in the growth of the high-energy, high-power, extra-long-life battery industry. The Company's objective is to create shareholder value through the consolidation of vanadium development and production. For further information, please visit www.sinovanadium.com. Forward-Looking Statements This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral resources, the realization of estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, and potential acquisitions.
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