DENVER, CO, April 20 /CNW/ - Resource Capital Fund IV L.P. ("RCF IV")
reports that it has acquired an additional 11,898,271 common shares of Avanti
Mining Inc ("Avanti" or "Company"), representing an additional 10.65% of the
Company's currently issued and outstanding common shares. RCF IV now holds
25,146,624 common shares of Avanti representing 22.51% of Avanti's currently
issued and outstanding common shares. The shares were issued to RCF IV
pursuant to the US$20 million secured bridge loan facility completed on
October 17th, 2008 and consist of (i) 3,000,000 shares valued at CDN$0.11 per
share issued because the bridge loan facility remained outstanding and unpaid
on April 13th, 2009, and (ii) 8,898,271 shares valued at CDN$0.1063 per share
to satisfy the quarterly interest payment of CDN$945,675 due on March 31st,
Avanti is listed on the TSX Venture Exchange however the foregoing
transactions occurred off-market.
The acquisition of these shares in the Company was for investment
purposes. RCF IV has no current intention to acquire additional shares in the
Company, but may decide from time to time in the future to increase or
decrease its ownership of common shares of Avanti.
RCF is not acting jointly or in concert with any other person in
acquiring shares of Avanti.
This news release was prepared by the undersigned and the undersigned
takes responsibility for its content.
SOURCE CAPITAL FUND IV L.P.
By Resource Capital Associates IV L.P.
By RCA IV GP L.L.C., General Partner
By "Ross R. Bhappu" (signed)
Ross R. Bhappu, PartnerPartner
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this Release.
For further information:
For further information: Resource Capital Fund IV L.P., 1400 Sixteenth
Street, Suite 200, Denver, CO, 80202, (720) 946-1444