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Avrupa Minerals (TSXV:AVU) announced it has arranged a private placement of 10 million units at $0.10 per unit for gross proceeds of $1 million.
Avrupa Minerals (TSXV:AVU) announced it has arranged a private placement of 10 million units at $0.10 per unit for gross proceeds of $1 million. Each unit will have a four-month hold period and is comprised of one common share plus a warrant to purchase another common share at $0.15 for a period of three years.
As quoted in the press release:
During 2015 and 2016, Avrupa has achieved the following:
- Continued with three joint ventures, including replacing one partner with a new one who committed to a 5,000 meter drill program.
- Reported new drill results from the Alvalade Project in Portugal for copper, zinc, and lead, expanding the area of massive sulfide mineralization along a target strike length of 1.8 kms.
- Completed the initial drill programs and an initial gold resource estimate at the Slivovo Project in Kosovo.
- Completed a work program with a new partner on the Alvito IOCG project which upgraded the project at no dilution or cost to Avrupa.
- Raised only $1 million (June 2015) and kept G&A at very low levels compared to its peers.
- Reported a resource estimate from its Covas Tungsten project in Northern Portugal.
- Identified prospective projects for acquisition in a strategically near-by country.
Avrupa generally funds exploration by bringing in partners on its mineral exploration projects and has arranged six partnerships over the past six years funding over $15 million in exploration. In line with that, the proceeds of the current private placement will mostly be used for administration costs and early stage exploration, including a venture into one new near-by country, with the aim of upgrading present projects to be ready for joint venture.
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