Avannaa Resources closes £0.5 million financing
Published on Jul 15, 2008
Avannaa Resources Ltd (“Avannaa”) has successfully completed a fully subscribed financing round with existing and new investors raising £504,733 to pursue its exploration projects in Greenland.
A total of 186,938 ordinary shares were issued at a price of £2.70 raising a total of £504,733. In addition Avannaa granted one warrant for every two Offer Shares subscribed by investors under the Offer. Each warrant entitles the holder to subscribe for one new Ordinary Share at a price of £3.50 within the period of 24 months from the closing date.
The funding round was in response to Avannaa’s diamond discovery in Disko Bay, West Greenland during the 2007 field season and associated additional work programme required to evaluate this potential new diamond province and portfolio expansion to include the Itilliarsuk iron project and Saqqaq gold project.