VANCOUVER, Nov. 9 /CNW/ - Avanti Mining Inc. ("Avanti") announces that at a special meeting of the shareholders held on November 5, 2009, Avanti's shareholders approved the previously announced (October 5, 2009) Amended and Restated Bridge Loan Agreement dated October 2, 2009 between the Company and Resource Capital Fund IV L.P. ("RCF") which provides for the conversion of US$15,116,667 of the existing Convertible Bridge Loan into units of Avanti at a conversion price of C$0.16 per unit. With this conversion, RCF will receive 101,969,919 common shares and 50,980,959 warrants, bringing their current ownership in Avanti to 135,706,116 shares, or 53%.
This agreement was approved by 99.95% of the almost 66 million shares voted at the November 5, 2009 shareholders' meeting, with RCF abstaining from voting. At the conclusion of this transaction, Avanti will have 256,047,139 shares issued and outstanding. "We are pleased to have RCF as a major shareholder because of their belief in the future of molybdenum and support for the reopening of the Kitsault mine," said Craig Nelsen, CEO of Avanti.
Avanti is focused on the development of the past producing Kitsault molybdenum mine located north of Prince Rupert in British Columbia.
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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; anticipated dates for receipt of permits and approvals, construction and production, and other milestones; anticipated results of drilling programs, feasibility studies and other analyses; estimated timing and amounts of future expenditures, and the Corporation's future production, operating and capital costs, operating or financial performance, 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 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.
SOURCE AVANTI MINING INC.
For further information: For further information: please visit www.avantimining.com, or phone (303) 565-5491 to contact: Craig J. Nelsen, Chief Executive Officer, A J Ali, Chief Financial Officer