16/05/2014 - 09:18

Avanco completes $23m placement

16/05/2014 - 09:18

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West Perth-based explorer Avanco Resources has raised $23 million through a share placement as it works towards development of its Antas and Pedra Branca copper projects in Brazil.

Avanco completes $23m placement

West Perth-based explorer Avanco Resources has raised $23 million through a share placement as it works towards development of its Antas and Pedra Branca copper projects in Brazil.

Avanco said it had issued about 306 million shares at 7.5 cents each to two specialist London-based funds in a placement lead managed by Bell Potter Securities.

The issue price represents a 10.3 per cent premium to the company's last closing price of 6.8 cents.

Avanco is currently fast-tracking development of its Antas copper mine in Brazil's Carajas mineral province, with first production targeted for early next year.

It hopes to finance development of its larger Pedra Branca project with early cashflows from Antas.

The company is finalising a $US58 million debt facility with a Brazilian bank and a $US12 million production royalty sales transaction.

Avanco shares were trading half a cent higher at 7.3 cents at 9:12am WST.

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