AvalonMinerals Ltd. said July 6 that it has received commitments for atwo-part placement that will close oversubscribed, adding A$1.9 million to theASX-listed explorer's coffers.

The placement comprises the issue of 119,212,500 shares at1.6 cents apiece.

The first tranche of shares will go to professional andsophisticated investors in Australia to raise A$1.5 million, while theremaining cash will come from the issue of shares to existing long-termcornerstone shareholders in Europe and the U.K.

The proceeds will be used to fund the drilling of theKietyönmäki lithium occurrence to define a maiden resource, exploration of thecompany's other lithium assets and to progress the environmental and socialimpact assessment for the Viscaria copper project in Sweden.

In May, Avalon finalized a joint venture with over theKietyönmäki lithium occurrence under which it can earn an 80% stake by fundingexploration on Nortec'sapproved claims and an area of interest in two stages.