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Avion Gold Climbing Off Bought-Deal Offering Price But Still Down Nearly 6%

Avion Gold (AVR.TO) is off its worse levels of the day, gaining back about a third of an 8% decline this morning after announcing a $50 million bought-deal financing consisting of 24.2 million shares priced at $2.07 a share, matching the stock's low-point today.

Proceeds are intended for debt repayment, exploration and development and general corporate purposes. Closing of the Offering is expected to occur on or about August 31, 2011.

The company late yesterday also announced Q2 earnings of $15.2 million, or 4 cents per share, compared to a $300,000 gain last year. Revenues rose 46% to $37.9 million.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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