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Avrupa Minerals (TSXV:AVU) announced a private placement for gross proceeds of $400,000. Each $0.10 unit of the placement will have a four-month hold period and will be made up of one common share plus a warrant to purchase another common share at $0.15 for a period of up to three years.
As quoted in the press release:
During 2014 and 2015, Avrupa has achieved the following:
- Continued with two joint ventures and added two new ones for a total of four active Joint Ventures, and concluded one exploration alliance.
- Reported significant drill results from the Alvalade Project in Portugal for copper, zinc, and lead results.
- Reported intervals of high grade gold from 5 holes drilling at the Slivovo Project in Kosovo.
- Raised a total of $1.5 million including this offering.
- Reported a resource estimate from its Covas Tungsten project in Northern Portugal, arranged by its JV partner.
Avrupa generally funds exploration by bringing in partners on its mineral exploration projects. In line with that, the proceeds of the private placement will mostly be used for administration costs and early stage exploration, with the aim of upgrading present projects to be ready for joint venture.
The private placement subscribers include some strategic investors that are excited about the recent success that the Avrupa geological team has had in Portugal and Kosovo, and who plan to assist the Company with new contacts and networks of potential partners, investors and advisors.
The offering is fully subscribed and will be closed shortly. Avrupa may pay commission to qualified finders.
Avrupa currently has 44,555,797 common shares outstanding which will increase to 48,555,797 common shares upon completion of this financing. Avrupa’s core strategic shareholder group continues to hold a significant amount of the shares of Avrupa, including insiders, Altius, and certain individual investors.
Click here to read the Avrupa Minerals (TSXV:AVU) press release