VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 28, 2013) -
This news release corrects the news release issued earlier today by correcting the number of Units offered from 10 million to 5 million which changes the fully diluted number of common shares which will be outstanding from 39,043,571 to 34,043,571.
Avrupa Minerals Ltd. (TSX VENTURE:AVU)(8AM.F) is pleased to announce that it has arranged a financing for $500,000 by way of a non-brokered private placement of units ("the "Units"). Avrupa has decided to raise a limited amount in this offering and combine that with expense reductions in order to ensure that it can continue to advance exploration at its projects with these funds, and with the funds of our joint venture partners. Avrupa's goal in this respect is that for every one dollar invested by the Company's shareholders, at least 1.5 times that amount will be spent on all Company-related exploration.
During 2013, Avrupa has been able to advance the Alvalade copper project with its partner by completing two drill programs and also option out the Arga tungsten-gold project to its existing Covas JV partner. Drill programs will begin shortly on both the Arga and Covas properties. Avrupa also completed two purchases of the minority interests in its subsidiaries in Portugal and Kosovo during 2013. The Company now owns 100% of both companies that hold the projects in those countries. Avrupa has also had significant interest in its Kosovo projects and hopes to arrange a joint venture on some or all of them soon.
Avrupa has also continued to work on investor relations and has attended several conferences where Paul Kuhn has presented Avrupa and the prospect generation model to interested investors in Europe and North America. This program will be expanded as the Company grows. With the relatively tight share structure that Avrupa has, and the several exploration programs underway, Avrupa hopes to add value for shareholders with good exploration results.
The financing will consist of 5 million Units at a price of $0.10 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 $0.15 per common share for a 24 month period starting on the closing of this offering.
Paul Kuhn, President and CEO, commented that "We now have three projects optioned out and several others that we are working to joint venture. The new funds will be used to upgrade our projects in order to attract further option agreements, which are the best source of financing exploration on our projects."