03/12/2009 - 11:58

Avalon plans $6.6m capital raising

03/12/2009 - 11:58

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West Perth-based Avalon Minerals plans to raise $6.6 million to fund exploration and feasibility studies at its Viscaria copper project in Sweden.

West Perth-based Avalon Minerals plans to raise $6.6 million to fund exploration and feasibility studies at its Viscaria copper project in Sweden.

Avalon today said it had appointed Indian Ocean Capital to manage the raising, which involves a share placement of 15 million shares at 21 cents each to raise up to $3.15 million, and a one-for-seven rights issue, with shares also priced at 21c.

Shares in Avalon were up one cent to 21c at 14:35 AEDT.

Funds raised will be applied to further drill testing of targets at Viscaria, the completion of an updated scoping study and investigate opportunities to acquire additional copper-gold resources in the region.

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