Monday, 18 July 2011

Aviva Corporation in trading halt pending capital raising announcement

Aviva Corporation (ASX: AVA, BSE: AVIVA) has been granted a trading halt by the ASX pending the release of information regarding a capital raising.

The company expects to make an announcement on or before the commencement of trading on Thursday 21 July.

Aviva did not elaborate on the capital raising, however the company has had recent drilling success in Kenya and is undertaking a Scoping Study to evaluate the economic potential of Bumbo Base Metal Prospect.

In May the company intersected gold mineralisation in the first four exploratory diamond holes drilled at the Bushiangala and Kimingini prospects in West Kenya.

The company is also acquiring a stake in additional highly prospective land in western Kenya through an option and joint venture agreement with Advance Gold Corporation (CVE: AAX), in an area where artisanal workers have been active.

Aviva can earn at least 75% equity in three highly prospective special licences, which cover 64 square kilometres and include Kenya’s largest historical gold mine, Rosterman, which is reported to have produced 250,000 gold ounces at over 13(g/t) between 1932 and 1952.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/17974/aviva-corporation-in-trading-halt-pending-capital-raising-announcement-17974.html

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