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Friday, 13 September 2013
Avrupa Minerals increases financing to $600,000
Avrupa Minerals (CVE:AVU) says it has increased the financing it announced last month by $0.1 million, to $0.6 million.
With the increase, the placement will now consist of 6.0 million units at a price of 10 cents apiece.
Each unit is comprised of a common share and a non-transferable common share purchase warrant, with every warrant entitling the holder to purchase one additional common share at a price of 15 cents each for a period of three years.
Avrupa said in a release Thursday that the participants in the financing, which is fully subscribed and is expected to close shortly, include past investors.
"Avrupa is pleased with the strong support shown by the previous and new investors," said president and CEO Paul Kuhn in the statement. "The financial and exploration teams at Avrupa are committed to working hard to achieve good returns for these investors through the project generation model we are following in Europe."
The company, which has properties in Portugal, Kosovo and Germany, holds a total of 16 exploration licenses in these European countries, including 10 in Portugal. It operates three joint ventures in Portugal, including the Covas partnership with Blackheath Resources (CVE:BHR), and the Alvalade joint venture with Antofagasta Minerals in the southern part of the country.
Earlier this year, it signed a third deal to option out its Arga tungsten-gold project to tungsten explorer Blackheath, giving Blackheath the option to acquire up to an 85 per cent interest in the property over several years.