Avanti Mining Issues Shares in Lieu of Cash for Interest Payable Under Terms of RCF Bridge Loan and RCF Preconstruction Loan and Pays Establishment Fee and Extension Fee on the RCF Bridge Loan
02.08.2014 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwired - Aug 1, 2014) - Avanti Mining Inc. (TSX VENTURE:AVT) ("Avanti" or the "Company") announced today that in accordance with the terms of the Amended and Restated Loan Agreement (the "Bridge Loan") dated July 12, 2013, between Avanti, its wholly-owned subsidiary, Avanti Kitsault Mine Ltd. ("AKM"), CEF (Capital Markets) Limited, Resource Capital Fund IV, LP ("RCF IV") and Resource Capital Fund VI, LP ("RCF VI"), Avanti has made interest payments in the aggregate amount of US$1,472,222.21 for the period from October 1, 2013 to June 30, 2014 by delivering to RCF IV 13,267,622 common shares and to RCF VI 12,676,066 common shares. In addition, in accordance with the terms of its Preconstruction Loan Agreement dated December 19, 2013 between Avanti, AKM and RCF VI, Avanti has made interest payments in the amount of US$1,102,222.22 for the period from December 20, 2013 to June 30, 2014 by delivering to RCF VI 16,196,231 common shares.The Company has also paid the Tranche A extension fee of US$500,000.00 and Tranche B establishment fee of US$500,000.00 to RCF IV in accordance with the terms of the Bridge Loan by delivering to RCF IV an aggregate of 21,296,000 common shares. All such shares will be subject to a four-month hold period.
For further information, please visit www.avantimining.com.
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.
Contact
Avanti Mining Inc.
Shawn Howarth, Vice President, Corporate Development and Investor Relations
(416) 847-0376
Avanti Mining Inc.
Graham du Preez, Chief Financial Officer
(416) 847-0376
www.avantimining.com