Avrupa Minerals Ltd (TSX-V:AVU) said it has closed the first tranche of its private placement of $500,000 comprising of 10 million units. The company announced plans for the placement on October 22, 2018.
Each Unit comprises one common share and one common share purchase warrant that allows the holder to buy an additional share until November 9, 2021 at a price of $0.10 each. The securities have a four-month hold period which expires on March 10, 2019.
Avrupa has a provision to accelerate the exercise of the warrants if the common shares close at a price of $0.20 or higher for a period of 20 consecutive trading days. An insider participated in this first tranche for $56,000.
With the closing of this first tranche, Avrupa will commence its 2,500 to 3,000-meter drilling program at the Alvalade copper-zinc VMS Project in Portugal.
The purpose of the program is to expand currently known mineralized areas, and then to outline higher grade copper-zinc mineralization within the massive sulfide lenses.
Avrupa Minerals Ltd is a junior exploration and development company focused on the discovery of mineral deposits using a prospect generator model.
The company holds one 100%-owned, self-funded flagship project, the Alvalade VMS Project. Avrupa focuses its project generation work in stable and prospective regions of Europe, including Portugal, Kosovo, and Germany.
Reporting by Rene Pastor, contactable on [email protected]