Avalon completes $3.6m share placement

Avalon Minerals has launched a $3.6 million capital raising plan to fund exploration and scoping studies at its Viscaria copper project in Sweden.

Avalon said today it had arranged to place $3.6 million worth of its shares to clients of stockbroker Patersons Securities, at a price of 9 cents per share.

The company said the funds would allow it to commence a scoping study to determine the viability of an open pit mining operation at Viscaria, begin planning for a major resource extension drilling program and commence regional exploration.

“This placement confirms the strong support Avalon continues to receive for this project and for its new management team,” managing director Jeremy Read said.

“We look forward to making significant progress with the proceeds raised.”

Avalon shares finished trading today down 2 per cent, at 9.8 cents.