Avalon raises $3.3m for Ecuador exploration, Finland project

Australia-based Avalon Minerals has unveiled plans to raise $3.3-million, comprising a $2.3-million share placement and a $1-million share purchase plan (SPP), to advance its projects in Ecuador and Finland. The proceeds of the placement and the SPP will mainly be used to fund exploration at the ASX-listed company’s Bramaderos gold/copper project, in southern Ecuador, where Avalon has the right to earn a majority interest in the concession from TSX-V-listed Cornerstone Capital Resources.