14 October 2021
Toronto, ON – Avalon Advanced Materials Inc. (TSX: AVL and OTCQB: AVLNF) (“Avalon” or the “Company”) is pleased to announce that it intends to extend the expiry date of a total of 2,150,000 outstanding share purchase warrants of the Company, each of which is exercisable to acquire one common share of the Company at a price of $0.12 per share (collectively, the “Warrants”). The Warrants were issued in two tranches pursuant to a private placement completed in November 2018, and are set to expire in November, 2021.
The Company intends to extend the expiry date of the remaining 1,900,000 Warrants from the first tranche from November 1, 2021 to November 1, 2022, and the expiry date of the remaining 250,000 Warrants from the second tranche from November 23, 2021 to November 23, 2022. All other terms and conditions of the Warrants remain unchanged. None of the outstanding warrants are held by insiders.
The Company expects the Warrant extension to become effective on or before October 29, 2021, subject to the requisite approval of the Toronto Stock Exchange.
About Avalon Advanced Materials Inc.
Avalon Advanced Materials Inc. is a Canadian mineral development company specializing in sustainably-produced materials for clean technology. The Company now has four advanced stage projects, providing investors with exposure to lithium, tin and indium, as well as rare earth elements, tantalum, cesium and zirconium. Avalon is currently focusing on developing its Separation Rapids Lithium Project near Kenora, Ontario while looking at several new project opportunities, including re-activating its 100%-owned Lilypad Cesium-Tantalum-Lithium Project in northwestern Ontario. Social responsibility and environmental stewardship are corporate cornerstones.