Avalon scraps $2m capital raising

West Perth-based Avalon Minerals Ltd's plan to raise close to $2 million has been cancelled due to the global financial turmoil.

Last month the company said it would embark on a $1.95 million raising through a one-for-four entitlements issue.

"The board believes it to be in the best interests of Shareholders to delay the Issue until early 2009," Avalon said.

Avalon added that it will explore alternative funding sources for its Viscaria copper project in Sweden, including joint ventures and toll treatment opportunities.