Avalon Announces C$63M Strategic Investment by Sibelco to Create a Vertically Integrated Lithium Strategic Partnership in Ontario
TORONTO, June 15, 2023 /PRNewswire/ – As part of its strategic transformation to become a leading North American vertically integrated lithium producer, Avalon Advanced Materials Inc. (TSX:AVL) (OTCQB: AVLNF) (“Avalon” or the “Company”) is pleased to announce the signing of a binding term sheet to create a new joint venture with SCR-Sibelco NV (“Sibelco”), a global leader in materials solutions. Avalon has issued to Sibelco, on a non-brokered private placement basis, 109,692,764 common shares of Avalon (“Common Shares”) for aggregate proceeds of C$10,000,000 and a secured convertible debenture in the principal amount of C$3,000,000 (the “Debenture”) (collectively, the “Private Placement”).
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