https://www.miningweekly.com

Avalon price tumbles as funding disappears

17th May 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – The share price of ASX-listed Avalon Minerals took a nose dive on Friday on news that the company had lost some A$25-million in funding.

Avalon told shareholders that advisory group ZJ Advisory had pulled the plug on a proposed A$25-million investment, terminating a memorandum of understanding signed in April.

The funding would have taken place through a two-tranche share subscription, and would have resulted in ZJ owning some 400-million Avalon shares.

The minerals developer had been intent on using the funding to see its Viscaria copper project, in Sweden, through to the completion of a bankable feasibility study (BFS).

Avalon said on Friday that it would now continue with other financing avenues to fund the acquisition of the Discovery Zone prospect from fellow-listed Hannans, as well as to progress the development of the Viscaria project and its BFS.

The project currently had a delineated resource of 49.2-million tons, containing 544 000 t of copper and 18.9-million tons of iron mineralisation.

Avalon’s share prices declined by more than 35% on Friday, to trade at a low of A$0.024 a share.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

CSIR International Convention Centre (CSIR ICC)
CSIR International Convention Centre (CSIR ICC)

CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.

VISIT SHOWROOM 
Hanna Instruments (Pty) Ltd
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.049 1.007s - 134pq - 2rq
Subscribe Now