Avrupa Minerals Ltd. (TSXV:AVU) (“Avrupa” or the “Company”) is pleased to report that the financing announced on February 8, 2022 is over-subscribed and increased to $1,250,000. The Company will use the net proceeds of the Offering to fund the acquisition of four projects in Finland (see news release dated December 20, 2021), exploration expenditures on the Company’s properties, and for working capital.
Subject to the approval of the TSX Venture Exchange (the “Exchange”), the Company now intends to complete the Offering by issuing 16,666,667 units (each, a “Unit”) at a price of $0.075 per Unit.
Each Unit will be comprised of one common share in the capital of the Company and one common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.125 per common share, for a period of 36 months from the date of closing of the Offering. Finders’ fees of 7.5% in cash and 7.5% in finder warrants may be paid to eligible parties. Each finder’s warrant is exercisable into one common share at $0.075 for a period of 18 months.
Closing of the Offering is subject to all applicable regulatory approvals, including the approval of the Exchange. All securities are subject to a hold period of four months and one day in accordance with applicable securities laws.
The Company intends to settle $285,000 of debt through a shares-for-debt settlement (the “Debt Settlement”) to two Insiders who have deferred salary and fee payments for the past several years, and funded approximately $56,000 in Company costs with cash loans.
The Debt Settlement has also been approved by the TSX Venture Exchange and will be completed shortly.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 100%-owned license in Portugal, the Alvalade VMS Project, now optioned to Sandfire MATSA in an earn-in joint venture agreement. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal and Kosovo. The Company continues to seek and develop other opportunities around Europe and is in the process of acquiring certain prospective mineral projects in Finland.
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 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. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
Neither the 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.