January 23, 2004
No. 04-02
Shares Outstanding: 30,958,248
SEC 12g3-2(b): 82-4427
NON-FLOW-THROUGH PRIVATE PLACEMENT CLOSED
Avalon Ventures Ltd. TSXV:AVL (the ``Company``) is pleased to announce that, further to the Company`s news release of January 9, 2004, the non-brokered private placement of non-flow-through units at a price of $0.20 per unit closed effective today with the issuance of the units to the subscribers. A total of 3,423,000 units were issued for total proceeds of $684,600.
Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.25 until January 23, 2005 and at a price of $0.30 until January 23, 2006. The shares contained in the units and any shares issuable upon exercise of the warrants are subject to a four-month hold period expiring on May 23, 2004.
The proceeds from this private placement will be used to fund on-going market development work for the Separation Rapids and Warren Township projects as well as working capital to cover administrative expenses and settle outstanding accounts payable.
The Annual General Meeting of Shareholders of Avalon Ventures Ltd. will be held on Thursday February 26, 2004 at 4:30 p.m. (EST) at the Toronto Board of Trade, Downtown Centre. The Company`s Annual Report and audited financial statements for the year ended August 31, 2003 were mailed last week to shareholders of record as at January 12, 2004.
Finally, investors are invited to visit with Company representatives and learn more about the Company`s current activities at the Vancouver International Resource Investment Conference January 25-26, Booth #102. The conference is presented by Cambridge House International Inc.and is being held at the Vancouver Convention and Exhibition Centre, 200-999 Canada Place. Registration is free if you pre-register at www.cambridgeconferences.com.
Avalon Ventures Ltd. is a Canadian junior mineral exploration and development company with a primary focus on development of industrial minerals and rare metals deposits and a secondary focus on exploration for IOCG type copper-gold deposits. To find out more about Avalon Ventures Ltd. please visit our website http://www.avalonventures.com
This news release is available on the Company`s official on-line investor relations site for investor commentary, feedback and questions. Investors are invited to visit http://www.agoracom.com and view the ``Avalon Ventures`` Investor Discussion and Contact Forum. In addition, investors are invited to e-mail their questions and correspondence to AVL@agoracom.com.
ON BEHALF OF THE BOARD
``D. S. Bubar``
Donald S. Bubar,
President & CEO
*The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release*
