Avalon Advanced Materials pocketing $15 million for preliminary economic assessment
THUNDER BAY -- Avalon Advanced Materials has secured $15 million to fund an economic study needed to support a proposed Thunder Bay lithium processing plant.
Avalon acquired the former Smurfit Stone mill property, of some 380 acres, in the city’s north end to place a lithium hydroxide conversion plant. “We are optimistic of their Thunder Bay strategy and believe that Avalon has a unique opportunity to become a significant player in the lithium supply chain for EV battery manufacturers in Ontario.”
The first funding drawdown of $2,750,000 is expected to close within the next two weeks. The financing comes in the form of a convertible security.
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