Cash no problem for AVZ

JUST over six months after raising A$15 million Klaus Eckhof’s lithium vehicle AVZ Minerals is tapping investors for another $15 million, with the funding from an undisclosed US institution bullet-proofing the junior for the next year or two from “high (market) volatility” as it seeks to progress the world class looking Manono project in Democratic Republic of Congo.
Cash no problem for AVZ Cash no problem for AVZ Cash no problem for AVZ Cash no problem for AVZ Cash no problem for AVZ

Michael Quinn

AVZ said it had mandated Cantor Fitzgerald Canada Corp to manage a $15 million raising, and that that firm had received strong interest from one of its clients for the full amont.

The new shares will be priced at 25c, with the $15 million placement last August pricing the company’s stock at 7c.

Most of the new shares issued last August was taken up by Chinese company Huayou Cobalt Group.

AVZ, which started the year with more than $13 million, said further investment by “our existing and potential Chinese partners” awaited “advancement of the project”.

AVZ is set to undertake major drill campaigns plus other pre-feasibility work at Manono this year.

The project delivered ongoing outstanding drill hits through 2017.

AVZ also has an ‘outstanding’ year on the market, reaching a market captialisation of around $660 million in January – when the stock reached 37c.

Shares in AVZ were up down 11.7% to 26.5c in morning trade, capitalisng the company at $476.5 million.

The stock was at levels around 2-3c 12 months ago.