(MENAFN- ProactiveInvestors - Australia) Avonlea Minerals (ASX: AVZ) is set to raise capital, with the ASX today granting the company a trading halt and placing its shares in pre-open to prepare further details for the market.
Avonlea has not yet indicated where the potential new funds will be allocated, but the company this year has been making some progress at the Abenab Vanadium Project in Namibia.
In August this year a maiden JORC Resource of 0.86 million tonnes at 1.25% V2O5 was estimated.
Adding some potential to the project mineralisation remains open at depth and along strike. The Exploration Target is 1 to 1.5 million tonnes at 1 to 1.2% V2O5
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 22nd October.
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