|By Marketwired .||
|August 28, 2013 08:35 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/29/13 --
This news release corrects the news release issued earlier today by correcting the number of Units offered from 10 million to 5 million which changes the fully diluted number of common shares which will be outstanding from 39,043,571 to 34,043,571.
Avrupa Minerals Ltd. (TSX VENTURE:AVU)(FRANKFURT:8AM) is pleased to announce that it has arranged a financing for $500,000 by way of a non-brokered private placement of units ("the "Units"). Avrupa has decided to raise a limited amount in this offering and combine that with expense reductions in order to ensure that it can continue to advance exploration at its projects with these funds, and with the funds of our joint venture partners. Avrupa's goal in this respect is that for every one dollar invested by the Company's shareholders, at least 1.5 times that amount will be spent on all Company-related exploration.
During 2013, Avrupa has been able to advance the Alvalade copper project with its partner by completing two drill programs and also option out the Arga tungsten-gold project to its existing Covas JV partner. Drill programs will begin shortly on both the Arga and Covas properties. Avrupa also completed two purchases of the minority interests in its subsidiaries in Portugal and Kosovo during 2013. The Company now owns 100% of both companies that hold the projects in those countries. Avrupa has also had significant interest in its Kosovo projects and hopes to arrange a joint venture on some or all of them soon.
Avrupa has also continued to work on investor relations and has attended several conferences where Paul Kuhn has presented Avrupa and the prospect generation model to interested investors in Europe and North America. This program will be expanded as the Company grows. With the relatively tight share structure that Avrupa has, and the several exploration programs underway, Avrupa hopes to add value for shareholders with good exploration results.
The financing will consist of 5 million Units at a price of $0.10 per Unit. Each Unit is comprised of a common share and a non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.15 per common share for a 24 month period starting on the closing of this offering.
Paul Kuhn, President and CEO, commented that "We now have three projects optioned out and several others that we are working to joint venture. The new funds will be used to upgrade our projects in order to attract further option agreements, which are the best source of financing exploration on our projects."
Avrupa currently has 29,043,571 common shares outstanding which will increase to 34,043,571 common shares upon completion of this financing.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company focused on discovery, using a prospect generator model, of valuable mineral deposits in politically stable and prospective regions of Europe, including Portugal, Kosovo, and Germany.
The Company currently holds 17 exploration licenses in three European countries, including 11 in Portugal covering 3,018 km2, five in Kosovo covering 153 km2, and one in Germany covering 307 km2. Avrupa operates three joint ventures in Portugal, covering five of the licenses, including:
-- The Alvalade JV, with Antofagasta Minerals SA, covering three licenses in the Iberian Pyrite Belt of southern Portugal, for Cu-rich massive sulfide deposits; -- The Covas JV, with Blackheath Resources, covering one license in northern Portugal, for intrusion-related W deposits; and -- The Arga JV, also with Blackheath Resources, covering one license located adjacent to the Covas JV, for intrusion-related Au-W deposits.
Avrupa is currently upgrading precious and base metal targets to JV-ready status in a variety of districts on their other licenses, with the idea of attracting potential partners to project-specific and/or regional exploration programs.
On behalf of the Board,
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 in the State of Washington, USA, 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.
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.
Avrupa Minerals Ltd.