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Avrupa Announces $1.2 Million Financing
February 27, 2012
Avrupa Minerals Ltd. (AVU:TSXV) is pleased to announce that it has agreed to complete a financing for $1.2 million by way of a non-brokered private placement of units (“the “Units”).
During 2011, Avrupa was able to advance its Alvalade project in the Portuguese Pyrite Belt and option it out to a new partner that has set the project exploration budget at US$2.5 million for 2012. The additional funds that Avrupa is raising will advance the mineral exploration on certain other projects in Portugal, Kosovo and Germany. These projects will either be upgraded to JV-ready status for potential partners to advance them to the next stages of exploration, or dropped if nothing significant is discovered.
Avrupa is exploring in regions of these three countries that have had thousand-year or longer mining histories. Avrupa is applying modern exploration techniques and new ideas to generate mineral prospects with strong potential for discovery of significant mineral deposits.
The financing will consist of 4 million Units at a price of $0.30 per Unit. Each Unit is comprised of a common share and a non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.50 per common share for a 24 month period starting on the closing of this offering.
Paul Kuhn, President and CEO, commented, “We now have two projects optioned out to strong partners. We will focus the new funds on exploration work to advance our best prospects, including new, recently-announced opportunities in Germany and Kosovo. Our goal continues to be the formation of further partnerships to advance these programs to a potential important mineral discovery. Funds will also be used to continue to generate new ideas and prospects in our core areas and elsewhere in Europe.”
Avrupa currently has 16,103,571 common shares outstanding which will increase to 20,103,571 common shares upon completion of this financing.
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, Kosovo, and Germany.
The Company has an exciting portfolio of exploration projects consisting of:
- Copper and Zinc in southern Portugal at Marateca and in the Alvalade JV project area located in the Iberian Pyrite Belt, where Europe’s richest active copper mine is located;
- Tungsten and Gold in northern Portugal at the Covas JV project area;
- Precious metal and REE potential in the new Aljezur project area, south Portugal
- Silver, Lead and Zinc in Kosovo at the Glavej, Kamenica, Selac, and Bajgora properties in the Trepça Mineral Belt of the Vardar Zone, historically, Europe’s most productive district for lead and zinc;
- Copper and Gold in southern Kosovo within the Koritnik exploration license area in the Sharr-Dragash intrusive complex;
- Gold in eastern Germany in the 307 km2 Oelsnitz exploration license in the historic Erzgebirge Mining District, a 1000-year producer of tin, tungsten, silver, base metals, and uranium.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com.
On behalf of the Board,
“Paul W. Kuhn”
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist in the State of Washington, USA, and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release.
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.