Avala Resources Ltd. Announces Corporate Update
09.10.2014 | Marketwire
LONGUEUIL, Oct 9, 2014 - Avala Resources Ltd. (TSX VENTURE:AVZ) ("Avala" or the "Company") announces that the 5,863,863 Avala replacement warrants issued in exchange for formerly-listed warrants of Dunav Resources Ltd. ("Dunav") in connection with the plan of arrangement between Avala and Dunav (see October 2, 2014 news release) have been approved for listing on the TSXV and commenced trading on a post-consolidated basis under the symbol "AVZ.WT" today. The warrants are exercisable at $4.80 (post-consolidation) to acquire one Avala share until March 6, 2016. A letter of transmittal has been sent to former Dunav warrantholders providing instructions on how they can obtain replacement Avala warrants.Repayment of Convertible Debentures
The Company also announces that it has reimbursed an amount of approximately US $764,000 which represents the outstanding principal and interest of the two senior secured convertible debentures issued to Dundee Precious Metals Inc. in August and September 2014 (the "Debentures"). The Debentures matured five days from the completion of the business combination of Avala and Dunav. The Debentures are being repaid in full without any conversions having occurred, and the securities will be discharged.
About Avala Resources Ltd.
Avala Resources is a mineral exploration company focused on the exploration and development in Serbia of the Timok Gold Project and the Tulare Copper Gold Project, which it acquired through its acquisition of Dunav Resources Ltd. on October 2, 2014.
The common shares of Avala trade on the TSX Venture Exchange under the symbol AVZ. Avala's issued and outstanding share capital totals 43,594,138 common shares, of which approximately 50.14% is held by Dundee Precious Metals Inc. (TSX:DPM).
Additional information about Avala is available on SEDAR (www.sedar.com) and on the website of Avala (www.avalaresources.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 press release.
Contact
Avala Resources Ltd.
James Crombie, President and Chief Executive Officer
+1.450.640.0810
info@avalaresources.com