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Australian Vanadium's A$3.3M rights issue closes with 51% take-up

Australian VanadiumLtd. said April 13 that its previously announced 1-for-3 rights issue closedwith 51% of the offered shares subscribed for, raising about A$1.7 million.

Applications were received for 131,104,656 shares at 1.3 centsper share. Each new share will receive one free attaching option exercisable at2 cents each until Dec. 31, 2018.

The company may place shortfall shares on the same terms as thenew shares within three months of the closing date.

The exercise price of unlisted options exercisable at 1.5 centseach before Dec. 31, 2015, will be adjusted to 1.47 cents.