Africa-focused explorer Avonlea Minerals has announced the successful completion of a $1.5 million share placement which will fund expanded exploration programs at its tenements in Namibia.
The placement, to sophisticated and professional investors, was made at 8 cents a share.
Managing director David Riekie said the Perth-based company was pleased with the level of support the share placement received despite difficult conditions in equity markets.
“We consider this a strong endoresemnt to the significant growth potential of our expanding iron ore asset base, exploration upside and the near term production potential of our specialty minerals within our licence portfolio,” Mr Riekie said.
Also today, Avonlea announced the appointment of David Macoboy as non-executive chairman.
Mr Riekie said Mr Macoby was joining the company at a crucial time, as it continues development of its portfolio of projects in Namibia.
