VANCOUVER, British Columbia, Nov. 19, 2019 (GLOBE NEWSWIRE) -- Avrupa Minerals Ltd. (AVU:TSXV) (US OTC:AVPMF) (FRANKFURT:8AM) is pleased to announce that it has arranged a private placement of 5 million units at 5 cents each to raise $250,000. Each unit will consist of one common share and one half of one common share purchase warrant. Each whole common share purchase warrant will be non-transferable and will allow the holder to purchase one additional common share for period of two years for an additional 5 cents.
The proceeds of this offering will be used to cover costs necessary to complete the recently-announced option agreement for Avrupa’s Alvalade VMS copper-zinc project in Portugal, including legal, regulatory and administrative costs, as well as for review of new project opportunities in Europe.
In order for the upcoming Alvalade option agreement to be completed, Avrupa will receive a cash payment of 400,000 euros (approximately C$588,000) to Avrupa which will be used for administrative costs and to advance new projects.
Paul Kuhn, CEO, noted that “We are excited to move ahead on the Alvalade Project with our new partner. In addition, Avrupa is reviewing new opportunities and projects in Portugal and elsewhere in Europe that we can explore, upgrade, and potentially option out to new partners.”
Director Resignation
Mr. Ross Stringer, CPA, CA has also stepped down from the board of Directors to pursue other interests. Mr. Stringer has been a great asset to the company with sound financial and management advice, and the Board thanks him for his years of service to Avrupa’s shareholders. The Board will review a list of candidates to fill the vacancy left by Mr. Stringer’s resignation.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 100%-owned, presently self-funded, flagship project in Portugal, the Alvalade VMS Project. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, including Portugal and Kosovo, and is presently reviewing new opportunities elsewhere around the continent.
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. Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.