Canada-listed, Europe-focused junior Avrupa Minerals has closed the first tranche of its private placement of $500 000, comprising 10-million units, allowing the company to start a drilling programme at its project in Portugal.
The 2 500-m to 3 000-m drilling programme at the Alvalade copper/zinc volcanogenic massive sulphide project aims to expand the currently known mineralised areas and to outline higher grade copper/zinc mineralisation within the massive sulphide lenses.
Avrupa on October 22 announced that it would raise $1.5-million for drilling at the Alvalade project by issuing 30-million units at $0.05 a unit. Each unit will comprise one common share and one common share purchase warrant that will allow the holder to buy an additional share from the closing date for a 36-month period at a price of $0.10 each.
An insider participated in the first tranche for $56 000.