JOHANNESBURG (miningweekly.com) – TSX-V-listed Avrupa Minerals has arranged a private placement of four-million units at $0.10 a unit for gross proceeds of $400 000, bringing the funds raised by the company during 2014 and 2015 to $1.5-million.
The junior exploration and development company said on Tuesday that it generally funded exploration by bringing in partners on its mineral exploration projects. As such, the proceeds of the private placement, which was fully subscribed, would mostly be used for administration costs and early stage exploration, with the aim of upgrading present projects to be ready for joint venture (JV).
Each unit would have a four-month hold period and was comprised of one common share and a warrant to purchase another common share at $0.15 for a three-year period. The offering would be closed shortly and Avrupa may pay commission to qualified finders.
“The private placement subscribers include some strategic investors that are excited about the recent success that the Avrupa geological team has had in Portugal and Kosovo, and who plan to assist the company with new contacts and networks of potential partners, investors and advisers,” the company noted.
Avrupa currently had about 44-million common shares outstanding, which would increase to about 48-million common shares upon completion of the financing.
Avrupa's core strategic shareholder group continued to hold a significant amount of the shares of Avrupa, including insiders, Altius, and certain individual investors.
Avrupa highlighted that during 2014 and 2015 it continued with two JVs, added two new JVs and concluded one exploration alliance.
The company also reported significant drill results for copper, zinc and lead from the Alvalade project, in Portugal, as well as intervals of high-grade gold from five drill holes at the Slivovo project, in Kosovo, and a resource estimate from its Covas tungsten project, in northern Portugal, arranged by its JV partner.
The company currently held nine exploration licences, including six in Portugal covering 3 821 km2, two (one under application) in Kosovo covering 47 km2 and one in Germany covering 307 km2.