Avalon Minerals says it has successfully completed a $10.8 million capital raising to fund exploration and development at its Viscaria copper-iron project in northern Sweden.
The 18 cents per share placement will be undertaken in two tranches, and was underwritten by non-executive director and major shareholder Tan Sri Abu Sahid Bin Mohamed and managed by Indian Ocean Capital.
"Avalon is very pleased by the strong level of support for the raising, and we are delighted to have the ongoing backing of our major shareholder Tan Sri Abu Sahid Bin Mohamed during this key stage of the company's development," Avalon managing director Andrew Munckton said.
Perth-based Avalon said the funds from the placement would be used to continue drilling programs at Viscaria, completion of a bankable feasibility study for the project, gaining necessary licences and approvals and general working capital.
At close of trade today Avalon shares had gained 2.8 per cent, to trade at 18.5 cents.
