Australian Vanadium Ltd (ASX:AVL), formally known as Yellow Rock Resources, is focussed on vanadium at its flagship Gabanintha project in Western Australia.
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Australian Vanadium Ltd bags funds for battery market development and sales
Australian Vanadium Ltd (ASX:AVL) has received strong support in its rights issue, raising over $1.6 million at tiny_mce_marker.013.
The proceeds will be used to fund AVL's vanadium battery market development and sales, as well as a feasibility study for an AVL electrolyte plant.
The company's vision is to create value for shareholders by supplying its high-grade product to battery makers worldwide - a market which is expected to grow significantly on the back of increased renewable energy generation.
Therefore the company has a vertical integration strategy, using vanadium from the mine face through to the battery application.
Funds will also focus on the next stages of evaluation at the company's rapidly emerging Gabanintha vanadium project near Meekatharra in Western Australia, and for general working capital.
At Gabanintha, studies are expected to commence in Q2 2016.
Gabanintha is currently one of the highest-grade vanadium projects being advanced globally with Measured, Indicated and Inferred Resources of 91.4 million tonnes at 0.82% vanadium.
It also contains a discrete high-grade zone of 56.8 million tonnes at 1.0% vanadium.
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