Avrupa Closes First Tranche of Private Placement and Begins Drilling Program at Alvalade, Portugal
VANCOUVER, British Columbia, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Avrupa Minerals Ltd. (AVU:TSXV) is pleased to announce that it has closed the first tranche of its private placement of $500,000 comprised of 10,000,000 units as announced on October 22, 2018.
With the closing of this first tranche, Avrupa will begin its 2,500- to 3,000-meter drilling program at the Alvalade copper-zinc VMS Project in Portugal. The purpose of the program is firstly to expand currently known mineralized areas, and secondly to outline higher grade copper-zinc mineralization within the massive sulfide lenses.
Each Unit is comprised of 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 expiring 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 greater for a period of 20 consecutive trading days. An insider participated in this first tranche for $56,000.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to 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 politically stable and prospective regions of Europe, including Portugal, Kosovo, and Germany.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com.
On behalf of the Board,
“Paul W. Kuhn”
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.