Avanti Mining Issues Shares in Lieu of Cash for Interest Payable Under Terms of Bridge Loan
12 Ottobre 2011 - 6:38PM
Marketwired
Avanti Mining Inc. (TSX-V: AVT) (PINKSHEETS: AVMNF) ("Avanti" or
the "Company") announced today that in accordance with the terms of
the Convertible Bridge Loan Agreement (the "Loan Agreement") dated
October 16, 2008, as amended October 2, 2009, between Avanti and
Resource Capital Fund IV L.P. ("RCF"), Avanti has made an interest
payment in the amount of US$100,000.00 on the bridge loan for the
period from July 1, 2011 to September 30, 2011. According to the
terms and conditions set out in the Loan Agreement, RCF has the
option to receive interest payments in the form of common shares of
Avanti. RCF has made a request to receive the interest payable on
the bridge loan in the amount of US$100,000.00 in common shares,
and Avanti will deliver to RCF 593,443 common shares in
satisfaction of the accrued interest payable for the period from
July 1, 2011 to September 30, 2011. The shares will be subject to a
four-month hold period.
Avanti is focused on the development of the past producing
Kitsault molybdenum mine located north of Prince Rupert in British
Columbia.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Statements: This news
release contains certain forward-looking information concerning the
business of Avanti Mining Inc. (the "Corporation"). All statements,
other than statements of historical fact, included herein
including, without limitation; statements about the recoverability
of molybdenum at the Kitsault property and other matters related to
the development of the Kitsault molybdenum mine, are
forward-looking statements. These forward-looking statements are
based on the opinions of management at the date the statements are
made and are based on assumptions and subject to a variety of risks
and uncertainties and other factors that could cause actual events
to differ materially from those projected in forward-looking
statements. Important factors that could cause actual results to
differ materially from the Corporation's expectations include
fluctuations in commodity prices and currency exchange rates;
uncertainties relating to interpretation of drill results and the
geology, continuity and grade of mineral deposits; uncertainty of
estimates of capital and operating costs, recovery rates,
production estimates and estimated economic return; the need for
cooperation of government agencies and native groups in the
exploration and development of properties and the issuance of
required permits; the need to obtain additional financing to
develop properties and uncertainty as to the availability and terms
of future financing; the possibility of delay in exploration or
development programs or in construction projects and uncertainty of
meeting anticipated program milestones; uncertainty as to timely
availability of permits and other governmental approvals; and other
risks and uncertainties disclosed in the Corporation's Annual
Information Form for the year ended December 31, 2010, which are
available at www.sedar.com. The Corporation is under no obligation
to update forward-looking statements if circumstances or
management's opinions should change, except as required by
applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements.
For further information, please visit
www.avantimining.com, or contact: Craig J. Nelsen
Chief Executive Officer 303-565-5491, extension 4471 or A.J. Ali
Chief Financial Officer 303-565-5491, extension 4472
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