Avoca plans $25m capital raising

Gold miner Avoca Resources plans to raise $25 million for development work at its Trident project as its shares continue to remain in a trading halt.

The West Perth-based company did not detail the capital raising, only saying funds will be used to finance construction of the Trident paste fill plant and provide working capital.

The project is part of the company's Higginsville gold operation located near Kalgoorlie.

The company yesterday entered into a trading halt pending the announcement of a proposed transaction scheduled for release before or on January 15.

Shares in Avoca last traded at $1.535.

The company produced 27,856 ounces of gold during the 2008 December quarter and sold 27,721oz of gold for an average price of $A1192 per ounce.