The project reportedly contains a combined mineral resource of 49.2million tons at 1.1% copper with scoping study affirming its potential to grow the net present value from $61m to $198m using a copper price of $3.25 per pound.
The company has stated that the proceeds from the fund raise will be used to support the continued exploration and advancement of the project and also for general working capital.
Commenting on the placement, Avalon managing director Jeremy Read stated that the placement to raise funds for the Viscaria project is a part of its strategy to increase shareholder value through increasing the mineral resources on the project.
"The funds will be used to progress the work already underway at Viscaria, whilst we focus our efforts on completing the $25M funding transaction with ZJ Advisory," added Read.
