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Toronto, ON -- Avalon Rare Metals Inc. (TSX:AVL, OTCQX:AVARF) ("Avalon"
or the "Company") is pleased to provide the following corporate
update.
NYSE Amex Listing Application
The Company has applied for and
received approval from NYSE Regulation on behalf of NYSE Amex LLC, to
file an Original Listing Application to list its common shares on the
NYSE Amex, an affiliate of the New York Stock Exchange. There are a
number of conditions that the Company must satisfy for listing on the
NYSE Amex and efforts are underway to satisfy these conditions as part of
the Original Listing Application. Avalon expects that this process will
take approximately four to six weeks.
Avalon President, Don Bubar stated that "Listing of the Company's
shares in the United States will better accommodate the growing interest
amongst American investors in Avalon's rare metals business. A full US
Stock Exchange listing will facilitate greater participation by US
investors and will likely result in increased liquidity for shareholders
generally."
Audited Annual Financial Statements,
MD&A and AIF
The Company announces that it has
filed its Audited Annual Financial Statements, Management Discussion and
Analysis ("MD&A") and Annual Information Form
("AIF") for the fiscal year ended August 31, 2010. These
documents may be viewed at www.sedar.com. The audit was performed by McCarney, Greenwood LLP, Toronto,
ON, who are a registered firm with the Public Company Accounting
Oversight Board in the United States, which is a required condition of
the NYSE Amex listing application.
Annual General Meeting
The Company will hold its Annual
General Meeting of Shareholders at 4:30 p.m. on Thursday, January 27,
2011 at The Toronto Board of Trade, located at 1 First Canadian Place,
Toronto, Ontario.
At the meeting, the Company's
shareholders will be asked to approve a special resolution for
continuance of the Company from being governed by the Business
Corporations Act (British Columbia) ("BCA") to being governed
by the Canada Business Corporations Act ("CBCA").
The Company's operations have been outside British Columbia for some time
and being governed by the CBCA, rather than the BCA, will reduce the
Company's legal costs and streamline its corporate functions.
About Avalon Rare Metals Inc. (TSX:AVL, OTCQX:AVARF)
Avalon Rare Metals Inc. is a mineral
exploration and development company focused on rare metals deposits in
Canada. Its flagship project, the 100%-owned Nechalacho
Deposit, Thor Lake, NWT, is emerging as one of the largest undeveloped
rare earth elements resources in the world. Its exceptional enrichment in
the more valuable 'heavy' rare earth elements, which are key to enabling
advances in green energy technology and other growing high-tech
applications, is one of the few potential sources of these critical
elements outside of China, currently the source of 95% of world supply.
Avalon is well funded, has no debt and its work programs are progressing
steadily. Social responsibility and environmental stewardship are corporate
cornerstones. Avalon's performance on community engagement in the north
earned it the 2010 PDAC Environmental and Social Responsibility Award.
Shares Outstanding:
92,391,470. Cash resources: approximately $39 million.
To find out more about Avalon Rare
Metals Inc., please visit our website at www.avalonraremetals..com. For questions and feedback,
please e-mail the Company at ir@avalonraremetals.com or phone Don Bubar, President and
CEO at 416-364-4938.
This news release contains
forward-looking information and is subject to a variety of risks and
uncertainties and other factors that could cause actual events or results
to differ materially from those projected in the forward-looking
information. Forward-looking information is based on the opinions and
estimates of management at the date the information is given, and is
subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those projected
in the forward-looking information. The forward-looking information
contained herein is given as of the date hereof and the Company assumes
no responsibility to update or revise such information to reflect new
events or circumstances, except as required by law.
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