NEW YORK — American Vanadium Corp. has announced a nonbrokered private placement of up to 2 million shares in order to raise Canadian $1.6 million ($1.56 million) to help finance mine design, environmental permitting and general working capital.
The Vancouver, British Columbia-based company plans to start up its Gibellini vanadium mine in Nevada in 2015. The project is expected to produce up to 11.4 million pounds of vanadium pentoxide annually at what would be the only operating vanadium mine in the United States.