Avalon Rare Metals Dropping On Stock Offering

Avalon Rare Metals (NYSE: AVL) shares are down almost 6% after the company announced it would be selling 7 million shares in a stock offering. At last check, shares were off 37 cents to $6.44‎, a loss of 5.43%‎. Avalon Rare Metals Inc. engages in the exploration and development of rare metal deposits in Canada.