🕐08.11.10 - 00:27 Uhr

Avanco Resources [ASX: AVB] - $20 million placement closed over subscribed



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Avanco Resources [ASX: AVB] - $20 million placement closed over subscribed

Avanco Resources Limited (ASX: AVB) announces the raising of $20 million through a placement to institutional and sophisticated investors to accelerate the exploration and development of the Company�s Copper and Nickel Platinum Projects in the World Class Carajas Province of Brazil.

The Company has secured firm commitments from overseas and local subscribers to participate in a Placement by which the Company will raise $20 million (before costs) through the issue of 200 million shares at an issue price of 10 cents each (Placement).

Bell Potter Securities were appointed Lead Managers for the Placement, which has been massively oversubscribed.

The successful completion of this Placement will place the Company in an enviable and strong financial position to aggressively accelerate an expanded 50,000m exploration and development programme over its copper and nickel platinum projects in the World Class Carajas Province of Brazil.

The Company is also at an advanced stage of negotiations on several additional high quality copper projects, also located in the Carajas Province.

Find more in the attached announcement.

For further information, please contact:

Tony Polglase
Managing Director
E-mail:
Tel: +61 8 9321 6600

Media:
Fortbridge
Tel: +61 2 9331 0655
Bill Kemmery: +61 400 122 449

Luke Dean: +61 414 535 433


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