Avion Gold Corporation (TSX VENTURE:AVR) today announced that the company has entered into an agreement with Cormark Securities Inc., on behalf of a syndicate of underwriters co-led by Cormark and Canaccord Capital Corp., and including Macquarie Capital Markets Canada Ltd., and Wellington West Capital Markets Inc. pursuant to which the underwriters have agreed to purchase 50,000,000 Common Shares at a price of $0.40 per Common Share for gross proceeds of $20 million.

The press release is quoted as saying:

Avion is a Canadian-based gold company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production at these projects has commenced, with approximately 50,000 ounces of production forecast for 2009. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.

Click here to access the entire press release

Click here to access Avion Gold Corporate Site

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