Avanco raises $18m in placement

West Perth-based junior Avanco Resources has completed an $18.1 million share placement as it looks to fast-track development of its Pedra Branca copper project in Brazil.

The company will issue 241 million fully paid ordinary shares at an issue price of 7.5 cents per share to its existing major shareholders along with institutional and sophisticated investors.

Bell Potter Securities acted as the sole lead manager to the placement.

Avanco said the placement was oversubscribed and subsequently trimmed to fit within the placement capacity of the company.

The miner hopes to reach a decision to mine at Pedra Branca by mid-2015.

Avanco also announced last week that it had secured agreement for a $US12 million royalty-based investment deal with major resources investor BlackRock World Mining Trust towards its Antas North copper mine in Brazil.

Shares in Avanco were 3.6 per cent lower at 8 cents at the close of trade.