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Avrupa Minerals closes financing
October 25, 2010
Avrupa Minerals Ltd. (AVU:TSXV) announces that it has closed the non-brokered private placement of 1,250,000 units at $0.40 per unit for gross proceeds of $500,000.
Avrupa plans to focus these funds on exploration programs in Portugal and Kosovo, including a first-pass drilling project at the Marateca Cu-Zn prospect in the Iberian Pyrite Belt, and for general corporate purposes. The Company has kept shareholder dilution to a minimum by raising only modest amounts of money to fund immediate plans. The placement was over-subscribed, and we thank our investors for their interest in Avrupa. There are now 15,828,571 common shares outstanding.
Each unit will be comprised of one common share and one-half of one non-transferable warrant. Each whole warrant will entitle the holder to purchase one additional common share for a period of 18 months at a price of $0.55 per common share. In addition, Finder’s Warrants, entitling the holder to purchase up to 78,750 Units for a period of 18 months from issue at $0.40 per Unit and cash finder’s fees of $31,500 will be paid. The completion of the private placement is subject to the regulatory approvals. All securities issued are subject to a four-month hold period. Insider participation amounts to 25,000 units.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company focused on aggressive exploration, using a prospect generator model, for valuable mineral deposits in politically stable and prospective regions of Europe, including Portugal and Kosovo.
Avrupa has an exciting portfolio of exploration projects consisting of:
- Copper and Zinc in Portugal at Marateca, Alvalade, Canal Caveira, and Ferreira do Alentejo in the Iberian Pyrite Belt, where Europe’s richest active copper mine is located;
- Tungsten in Portugal at the Covas prospect;
- Silver, Lead and Zinc in Kosovo at the Glavej and Kamenica properties in the Trepça Mineral Belt of the Vardar Zone, historically, Europe’s most productive district for lead and zinc.
For additional information, contact Avrupa Minerals Ltd. at 604-687-3520.
On behalf of the Board,
“Paul W. Kuhn”
Paul W. Kuhn, President & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.