Avalon Draws First $2.75M for Lithium Project

Avalon Advanced Materials Inc. (TSE:AVL) has released an update.

Avalon Advanced Materials Inc. has secured a significant financial boost by completing a $2.75 million drawdown from a possible $15 million funding agreement with Lind Global Fund II, LP. This initial funding will propel the development of a Preliminary Economic Assessment for the company’s lithium hydroxide conversion facility in Thunder Bay, utilizing cutting-edge Metso technology. The project, led by subsidiary Lake Superior Lithium Inc., aims to establish Ontario’s first midstream lithium hydroxide processing facility, essential for supporting the EV battery manufacturing sector.

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