Avalon Advanced Materials Inc. announced that it has completed a non-brokered private placement and issued 11,470,624 flow-through units at an issue price of CAD 0.17 per unit for gross proceeds of CAD 1,950,006.08 on December 14, 2022. Each flow-through unit was comprised of one flow-through common share and one half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one non-flow-through common share of the company at a price of CAD 0.25 for a period of 24 months from closing. As a part of the private placement, the company paid finder's fees of CAD 117,000, half of which was settled with 487,501 common shares of the company at a deemed price of CAD 0.12 per share and incurred other cash issuance costs of CAD 23,136.

Pursuant to Canadian securities laws, the securities issuable under this private placement are subject to a hold period which expires four months and one day from closing.