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SUNSTONE METALS LTD — Major Shareholding Notification 2013
Nov 18, 2013
65870_rns_2013-11-18_071ea96d-b3e5-4584-9e69-d42f79555eff.pdf
Major Shareholding Notification
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Phoenix Copper Limited ABN 67 127 446 271 Level 1, 135 Fullarton Road Rose Park, SA 5067 Australia Telephone +61 (0)8 8364 3188 Facsimile +61 (0)8 8364 4288 [email protected] www.phoenixcopper.com.au
ASX ANNOUNCEMENT 19[th] NOVEMBER 2013
PHOENIX COPPER ACQUIRES FURTHER SHARES IN AVALON MINERALS LTD
Phoenix Copper Limited (ASX:PNX) advises today that it has acquired further shares in Avalon Minerals Limited (‘Avalon’) increasing its relevant interest in Avalon to 10.4%. A notice of change in substantial holding, Form 604, is attached to this announcement.
As previously announced, Phoenix arranged a share placement and unsecured loan facility in order to fund a potential sub-underwriting obligation (see ASX announcement dated 14[th] November 2013). While no funds were ultimately required for sub-underwriting purposes, the $1.2 million unsecured loan facility was used to acquire shares in Avalon through on and off-market trades.
Phoenix has acquired a significant interest in Avalon as it believes this is a good opportunity to secure a significant investment in a company with a quality copper asset. Strategic options regarding the investment are being considered.
Avalon’s flagship asset is the Viscaria Copper-Iron Project located in northern Sweden. The project is immediately adjacent to the LKAB’s Kirunavaara iron-ore operation and is in close proximity to established infrastructure including power, high-capacity rail and port facilities.
For further information, please contact:
James Fox, CEO Telephone: +61 (0)8 8364 3188
Email: [email protected] Website: www.phoenixcopper.com.au