/EINPresswire.com/ -- LONGUEUIL, QUEBEC -- (Marketwired) -- 03/04/16 -- Avala Resources Ltd. (TSX VENTURE: AVZ) ("Avala") announces that it has received an extension from the TSX Venture Exchange ("TSXV") to close the private placement of convertible debentures of up to US$1 million previously announced on January 22, 2016. Avala has closed an initial tranche of US$500,000 (see news release of January 27, 2016). The TSXV has authorized an extension to April 6, 2016 for completing any further closings under the private placement.

About Avala Resources Ltd.: Avala Resources is a mineral exploration company focused on exploration and development of gold and copper projects in Serbia. Avala's common shares trade on the TSXV under the symbol 'AVZ'. Avala's issued and outstanding share capital totals 43,594,138 common shares, of which approximately 50.1% is held by Dundee Precious Metals Inc. Additional information about Avala is available on SEDAR at www.sedar.com and at www.avalaresources.com.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Avala Resources Ltd.
David Fennell, Executive Chairman
and Interim President and CEO
+1.450.640.0810
info@avalaresources.com
www.avalaresources.com

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