Avanti Mining Inc.
CNQ : AVMI

Avanti Mining Inc.

November 09, 2007 09:00 ET

Avanti Mining Announces $10 Million Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE U.S.

Craig J. Nelsen, President and CEO of Avanti Mining Inc. (CNQ:AVMI) today announces a non-brokered private placement financing of common share units at a price of C$0.60 per unit, for proceeds of up to C$10,000,000, resulting in the issuance of up to 16,666,667 shares upon completion of the financing transaction. Each unit will consist of one common share and one half of a share purchase warrant exercisable for two years at a price of C$0.90 per warrant. There are no commissions or finder's fees payable in connection with this private placement, and the financing is subject to regulatory approval. Proceeds will be used for ongoing exploration expenditures on its two mineral claims in the Similkameen Mining Division of British Columbia and for acquisition of mineral resource projects, including molybdenum properties at various stages of development. Closing is expected to occur on or about November 27, 2007. The shares issued in connection with the Private Placement will have a hold period of four months and one day.

Avanti Mining Inc. is a newly formed company focused on acquiring, exploring, and developing mineral resource projects. With its initial focus on molybdenum, its strategy will be to purchase by-product molybdenum production streams from copper producers; to acquire advanced molybdenum prospects which can be advanced towards development; and to acquire other junior molybdenum producers or developers.

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirement. This release does not constitute an offer or sale of securities in the United States.

Forward Looking Statements: This news release contains certain forward looking information concerning the business of the Corporation. 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. These risks are further described in the Corporation's 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 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.

The CNQ Stock Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Avanti Mining Inc.
    Craig J. Nelsen
    Chief Executive Officer
    (303) 565-5491, extension 13
    or
    Avanti Mining Inc.
    Cheryl A. Martin
    Investor Relations
    (303) 565-5491, extension 12