Avanti Makes Final Interest Payment on the RCF Convertible Loan and Bridge Loan
VANCOUVER, BC -- (Marketwire) -- 07/10/12 -- Avanti Mining Inc. (TSX VENTURE: AVT) (PINKSHEETS: AVNMF) ("Avanti" or the "Company") announced today that it has made the final interest payment on both the Resource Capital Fund IV L.P. ("RCF") convertible loan dated October 16, 2008, as amended October 2, 2009 (the "Convertible Loan") and the RCF bridge loan dated December 6, 2011, as amended on April 16, 2012 (the "Bridge Loan") as both loans were paid off effective June 29, 2012 as disclosed in the Company's press release dated July 3, 2012.
Avanti made an interest payment in the amount of US$98,888.88 on the Convertible Loan for the period from April 16, 2012 to June 29, 2012. According to the terms of the Convertible Loan, RCF has the option to receive interest payments in the form of common shares of Avanti, and as requested by RCF, Avanti issued to RCF 987,135 common shares in satisfaction of the accrued interest payable for this period. The shares will be subject to a four-month hold period.
Avanti also made an interest payment in the amount of CAD$123,333.33 on the Bridge Loan for the period from April 16, 2012 to June 29, 2012. According to the terms of the Bridge Loan, RCF has the option to receive interest payments in the form of common shares of Avanti, and as requested by RCF, Avanti issued to RCF 1,228,533 common shares in satisfaction of the accrued interest payable for this period. 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 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
