- Avira Resources (AVW) set to raise $1.3 million to progress exploration, following commitments by investors for a share placement
- The funds will advance exploration at the Wyloo and Paterson Range copper-gold projects in Western Australia, further project generation and general working capital purposes
- Under a two-tranche placement, the company plans to issue 343.75 million shares at 0.4 cents
- Subject to shareholder approval, the second tranche will see participants receive a one for one attaching listed option exercisable to one cent
- Shares are trading 9.09 per cent lower at 0.5 cents at 3:52 pm AEST
Avira Resources (AVW) is set to raise $1.3 million to progress exploration in Western Australia, following commitments by investors for a share placement.
AVW holds two tenements in the Paterson Province of Western Australia, the Wyloo and Paterson Range copper-gold projects.
The funds raised are set to advance exploration activities at both projects, as well as further project generation and general working capital purposes.
Under a two-tranche placement, the company plans to issue 343.75 million shares at 0.4 cents in the first tranche. This price is a 20 per cent discount to the 15-day volume weighted average price.
Participants to the placement will receive a one for one attaching listed option exercisable at one cent under the second tranche which is subject to shareholder approval.
Avira engaged CPS Capital as broker and lead manager to the placement, which has been well supported by new and existing sophisticated and professional investors.
CPS has been retained as corporate advisor and is set to assist the company in its quest to advance its existing exploration projects and manage its capital requirements.
Settlement and issue of the placement shares is expected to occur on or around Thursday, September 23.
Shares were trading 9.09 per cent lower at 0.5 cents at 3:52 pm AEST.