West Perth-based metals explorer Avanco Resources Ltd plans to raise $4 million in its initial public offer, to fund exploration of its Brazilian projects.
The company, which will issue 20 million shares at 20 cents each to raise the money, aims to commence drilling at its Carajas Copper Project, to test for deep seated copper and gold mineralisation late this year.
Exploration at the Company's Central Brazilian Gold Project will commence early 2008, with detailed evaluation of the existing high priority gold targets. Reconnaissance exploration of the surrounding 40,000 hectares of prospective tenements will also be undertaken.
The offer is not underwritten and oversubscriptions will not be accepted.
The company is chaired by Matthew Wood, who is joined on the board by Anthony Polglase, Wayne Philips and Colin Jones. Scott Funston will serve as company secretary.
HLB Mann Judd will serve as investigating accountant while legal advice will be provided by Steinepreis Paganin.
The offer, which opened on November 15, will close on November 30.
