Avanti Mining Inc.

Avanti Mining Inc.

November 28, 2007 08:56 ET

Avanti Mining Announces Completion of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2007) -


Craig J. Nelsen, President and CEO of Avanti Mining Inc. (CNQ:AVMI) ("Avanti"), is pleased to announce that Avanti has closed the first tranche of its private placement on a non-brokered basis, originally announced on November 9, 2007, raising net proceeds of C$7,602,013.20 through the issuance of 12,670,022 Units at a price of C$0.60.

Each unit consists 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. After giving effect to the private placement, Avanti will have 63,951,023 common shares issued and outstanding. All securities issued in connection with this private placement will have a hold period of four months and one day.

Avanti intends to close a second tranche of C$1,398,000.00 on or around November 29, 2007.

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.

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 that 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
    Avanti Mining Inc.
    Cheryl A. Martin
    Investor Relations
    (303) 565-5491, extension 12
    Website: www.avantimining.com