Avrupa Minerals (AVU.V), Blackheath Resources’ (BHR.V) Joint Venture partner on the Covas and Arga licenses in Northwest Portugal has announced it’s looking to raise C$500,000 by issuing 5M units at C$0.10 per unit. Each unit consists of one common share and a full warrant valid for three years with an exercise price of C$0.15. The funds will be used to upgrade the existing projects to a higher status so the company is able to attract more Joint Venture partners on its projects.

Upon completion of this placement, Avrupa will have approximately 34M outstanding shares for a marketcap of just C$3.7M.

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Disclosure: The author holds a long position in Avrupa Minerals. Please see our disclaimer for current positions.

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