🕐12.10.11 - 19:54 Uhr
AVANTI MINING ISSUES SHARES IN LIEU OF CASH FOR INTEREST PAYABLE UNDER TERMS OF BRIDGE LOAN
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Re: News Release - Wednesday, October 12, 2011
Avanti Mining Issues Shares in Lieu of Cash for Interest Payable
Under Terms of Bridge Loan
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Vancouver, British Columbia: Avanti Mining Inc.
(TSX-V: AVT) (OTC:
AVNMF.PK) ("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.
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
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 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 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 managements opinions should change, except as
required by applicable securities laws.
The reader is cautioned not to
place undue reliance on forward-looking statements.
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Copyright (c) 2011 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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