Friday, 27 September 2013

Avrupa Minerals puts to bed $600,000 financing

Avrupa Minerals (CVE:AVU) has closed a $600,000 financing, with funds to be used to advance the company's project generation business model in Europe.
The company, which has properties in Portugal, Kosovo and Germany that it is working to joint venture, 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.              
The financing that closed late Thursday, which was first reported in August and increased by $0.1 million earlier this month, involved both strategic investors, as well as management. 
According to the company's statement, it issued six million units at 10 cents apiece, with each unit made up of one common share and one share purchase warrant. Each warrant allows the holder to buy one additional share for a 36-month period, at a price of 15 cents each. 
Earlier on Thursday, Avrupa also announced that it had started phase 2 diamond drilling at its Covas tungsten joint venture in northwest Portugal, which is operated by the Canadian company and fully funded by partner Blackheath. The new drilling program, which will include up to 2,000 metres of drilling at up to 19 separate locations, will aim to expand known deposits and mineralization around the Covas property. 

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