🕐09.11.09 - 18:25 Uhr
Avanti Mining Shareholders Approve Conversion of 75% of the RCF Loan Into Units
News Release - Monday, November 09, 2009 - TEST EMAIL: Avanti Mining Shareholders Approve Conversion of 75% of the RCF Loan Into Units
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Re: News Release - Monday, November 09, 2009
Avanti Mining Shareholders Approve Conversion of 75% of the RCF
Loan Into Units
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Vancouver, British Columbia: Avanti Mining Inc.
("Avanti") announces
that at a special meeting of the shareholders held on November 5, 2009,
Avantis shareholders approved the previously announced (October 5,
2009) Amended and Restated Bridge Loan Agreement dated October 2, 2009
between the Company and Resource Capital Fund IV L.P.
("RCF") which
provides for the conversion of US$15,116,667 of the existing
Convertible Bridge Loan into units of Avanti at a conversion price of
C$0.16 per unit.
With this conversion, RCF will receive 101,969,919
common shares and 50,980,959 warrants, bringing their current ownership
in Avanti to 135,706,116 shares, or 53%.
This agreement was approved by 99.95% of the almost 66 million shares
voted at the November 5, 2009 shareholders meeting, with RCF
abstaining from voting.
At the conclusion of this transaction, Avanti
will have 256,047,139 shares issued and outstanding.
"We are pleased to
have RCF as a major shareholder because of their belief in the future
of molybdenum and support for the reopening of the Kitsault mine", said
Craig Nelsen CEO of Avanti.
Avanti is focused on the development of the past producing Kitsault
molybdenum mine located north of Prince Rupert in British Columbia.
For further information, please visit www.avantimining.com, or phone
303-565-5491 to contact:
Craig J.
Nelsen, Chief Executive Officer
A J Ali, Chief Financial Officer
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;
anticipated dates for receipt of permits and approvals, construction
and production, and other milestones; anticipated results of drilling
programs, feasibility studies and other analyses; estimated timing and
amounts of future expenditures, and the Corporations future
production, operating and capital costs, operating or financial
performance, 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 Corporations 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 Corporations prospectus dated July 31, 2007, which is available at
www.
Sedar.com.
The Corporation is under no obligation to update
forward-looking statements if circumstances or managements opinions
should change, except as required by applicable securities laws.
The
reader is cautioned not to place undue reliance on forward-looking
statements.
You can also view this News Release on our website at:
http://www.avantimining.com/s/NewsReleases.asp?ReportID=371251
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Copyright (c) 2009 AVANTI MINING CORP.
(AVMI) All rights reserved.
For more information visit our website at http://www.avantimining.com/
or send mailto:
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