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SUNSTONE METALS LTD — Capital/Financing Update 2011
Feb 15, 2011
65870_rns_2011-02-15_703d4688-e6c5-46cb-bbd3-ca49e460b41a.pdf
Capital/Financing Update
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ASX/Media Release 16 February 2011
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AVALON ENTITLEMENT ISSUE CLOSES
Australian-based metals company Avalon Minerals Ltd (ASX: AVI ; “Avalon”) is pleased to announce that its 1 for 5 Entitlement Issue including shortfall applications closed oversubscribed on 11 February 2011 raising $6.14 million.
The Entitlement Issue take-up was 70.85% totalling $4.35 million. The balance of $1.79 million representing 9,945,427 shares comprised applications for shortfall shares from amongst eligible shareholders and the Underwriter.
With over $9 million in funds the Company is now sufficiently funded to complete its bankable feasibility study at its 100%-owned Viscaria Copper and Iron Project in Northern Sweden.
Of the Company’s Directors, Tan Sri Abu Sahid Mohamed subscribed for his full entitlement of 6,060,623 shares as did Mr Andrew Munckton for 163,000 shares and Mr Gary Steinepreis for 451,432 shares. Mr David McSweeney applied for 555,555 shares representing part of his entitlement.
Avalon Minerals Managing Director, Mr Munckton said that “The 70.85% take up on the Entitlement Issue and the high level of applications for shortfall shares was an excellent result for Avalon”.
With three diamond drilling rigs and one RC rig on site at Viscaria conducting the extensive 10,000 metre infill drilling program on the ‘D’ Zone and additional works at both A Zone and B Zone the Company looks forward to growing the resource and reserve base at Viscaria whilst also testing several exciting new exploration targets.
Further Information
For further information on this release and Avalon Minerals generally, please contact:
Andrew Munckton Managing Director Ph: +61 8 9322 2752 Email: [email protected]
Avalon Minerals Ltd ACN 123 184 412 PO Box 165 West Perth WA 6872 www.avalonminerals.com.au
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Released by: On behalf of: Nicholas Read Mr Andrew Munckton Read Corporate Managing Director Telephone: +61 (0)8 9388 1474 Avalon Minerals Limited Mobile: +61 0435 635 598