Avalon Minerals has completed an $8.4 million share placement to fund drilling activities at its Viscaria copper-iron project in northern Sweden.
Sydney's Foster Stockbroking acted as lead manager to the placement, which was well supported by institutional investment house Acorn Capital, who has emerged as a substantial shareholder in Avalon.
Foster reiterated its buy recommendation for Avalon's stock following the announcement today.
"I am delighted with the success of this placement which has raised $8.4 million to fund the 25,000m drill program to progress the Viscaria Project, managing director Jeremy Read said.
"This placement confirms the solid financial support Avalon continues to receive for this project and the Company's strategy".
"It is also pleasing to have on board new institutional investors to broaden the Company's
shareholding base and in particular Acorn Capital who I welcome as a new substantial
At 11:25AM, WST, Avalon shares were up 8.1 per cent, trading at 8 cents.