AVALON CLOSES $3,000,000 CONVERTIBLE SECURITY FINANCING

Toronto, Ontario--(Newsfile Corp. - February 1, 2021) -  Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) ("Avalon" or the "Company") is pleased to announce that it has closed its $3,000,000 convertible security financing with an entity managed by The Lind Partners ("Lind"), a New York based asset management firm, as described in the Company's news release of January 25, 2021.

 

With this new funding now in place, Avalon plans to proceed this month with the bulk sampling program on its 100% owned Separation Rapids Lithium Project near Kenora, Ontario. The Company also intends to begin Feasibility Study work for the lithium refinery planned for Thunder Bay, Ontario, to be built in collaboration with Rock Tech Lithium Inc. and potentially other interested partners. Commented Avalon President and CEO, Don Bubar, "With demand for lithium battery materials now growing rapidly in parallel with the electric vehicle market, prices for both lithium carbonate and spodumene mineral concentrates are reportedly rising again in China. Supply shortages are also expected to increase, making it ideal timing to bring a new lithium supply to market."

 

About The Lind Partners

 

The Lind Partners is a New York-based institutional fund manager and leading provider of growth capital to small- and mid-cap companies publicly traded in the US, Australia, Canada and the UK. Lind's core investment strategy is to provide new growth capital via direct investment with initial investments ranging from US$1 to US$30 million plus follow-ons. Lind also invests in syndicated equity offerings and selectively buys on market. Lind has completed more than 100 direct investments totaling over $1 Billion in total value and has been a flexible and supportive capital partner to investee companies since 2011.

 

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 Project in northwestern Ontario. Social responsibility and environmental stewardship are corporate cornerstones.