SOURCE: Avanti Mining Inc.

Avanti Mining Inc.

November 17, 2014 07:30 ET

Avanti Mining Closes Bridge Loan Facility

TORONTO, ON--(Marketwired - November 17, 2014) - Avanti Mining Inc. (TSX VENTURE: AVT) ("Avanti" or the "Company") is pleased to announce that the conditions precedent to the first tranche of its previously announced US$50 million bridge loan facility (the "Facility") with Resource Capital Fund VI L.P. ("RCF VI") have been satisfied, and that the Facility closed on November 14, 2014.

The purpose of the Facility is to provide the Company with working capital to continue advancing detailed engineering and to support the purchase of long-lead time equipment at the Kitsault molybdenum project ("Kitsault"). At closing, the Company drew down US$8 million of the US$50 million Facility.

About Resource Capital Fund VI L.P.:

RCF VI is a private equity fund with the mandate to make investments exclusively in the mining sector across a diversified range of mineral commodities and geographic regions. RCF VI is managed by RCF Management L.L.C. which has its principal office in Denver and additional offices in Perth, New York (Long Island) and Toronto. RCF VI and Resource Capital Fund IV L.P. have provided financing for Avanti to acquire and develop the Kitsault deposit since 2008.

About Avanti

Avanti is a TSX-Venture listed company headquartered in Toronto with an operations office in Vancouver. Avanti's strategy is to become the unique supplier of steel alloy metals. Cornerstone to this strategy is the development of Kitsault. Parallel to the development of Kitsault, Avanti is also seeking to grow through the acquisition of other assets with commodities that supply to the steel alloys industry.

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. All statements, other than statements of historical fact, included herein, including, without limitation, the use of proceeds of the Facility, and the development of the Kitsault project, 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 Company'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; and other risks and uncertainties disclosed in the Company's Annual Information Form for the year ended December 31, 2013, which is available at www.sedar.com. The Company is under no obligation to update forward-looking statements if circumstances or management's opinions should change, excepting as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Contact Information

  • For further information, please visit www.avantimining.com, or contact:

    Shawn Howarth
    Vice President, Corporate Development and Investor Relations
    (416) 847-0376