UPDATE 2.30pm: Avalon Minerals says it is raising $3.6 million in a placement to fund further development of its Viscaria copper project in northern Sweden.
The placement, priced at nine cents a share, is through Patersons Securities, RFC Ambrian and Indian Ocean Capital.
Funds raised will be used for a regional exploration program, a scoping study to determine the economics of an open pit and underground mining operation and completion of planning for a major resource extension drill program.Avalon shares closed off 0.2 cents, or 2 per cent, at 9.8 cents.
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