Avalon Advanced Materials Inc. announced a non-brokered private placement of 93,000,000 units at a price of CAD 0.1 per unit for the gross proceeds of CAD 9,300,000 on December 7, 2023. Each Unit comprises of one common share and half of one common share purchase warrant Each warrant will entitle the holder to acquire one share at a price of CAD 0.15 per warrant share for a period of 36 months. Closing of the offering will occur in in one or multiple tranches, with the first tranche of the offering expected to close on or about December 15, 2023.

It is expected that insiders of the company will subscribe for up to CAD 250,000 of units pursuant to the offering.