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DISSEMINATION IN THE UNITED STATES
TSX, ASX: AVM
Common shares outstanding 117.5 million
All dollar amounts are expressed in US dollars.
MONTREAL, Nov. 17 /CNW Telbec/ - Anvil Mining Limited (TSX, ASX: AVM), ("Anvil" or the "Company") is pleased to announce that a special meeting of shareholders will be held on December 11, 2009 to approve its previously announced transaction with Trafigura Beheer B.V. ("Trafigura").
After approval by shareholders and completion of the second tranche of the previously announced private placement of equity units, Anvil will have received gross proceeds totalling $100 million from the two tranches of this equity funding.
Shareholders will also be asked to approve a $100 million loan facility to be made available to the Company by Trafigura, which will be available for drawdown only after funds from the $100 million equity financing have been utilised in the development of the Kinsevere Stage II 60,000 tonnes of copper per year Solvent Extraction - Electrowinning project, located in Katanga Province in the Democratic Republic of Congo. Finally, shareholders will be asked to approve certain additional agreements to be entered into with Trafigura, including an Offtake Agreement for copper produced at Kinsevere and an Ancillary Rights Agreement providing Trafigura with certain ongoing rights. The additional agreements will only come into effect on completion of the second tranche of the equity placement.
Meeting materials are being mailed to shareholders. Copies of the information circular for the special meeting may be obtained on the Company's website at www.anvilmining.com or under the Company's profile on SEDAR at www.sedar.com.
Anvil Mining Limited is a copper producer whose shares are listed for trading on the Toronto Stock Exchange (as Common Shares) and the Australian Securities Exchange (as CDIs) under the symbol AVM.
Caution Concerning Forward-Looking Information:
This news release contains "forward-looking information" regarding the intended use of proceeds from the private placement described above and the expected development of the Company's Kinsevere project. The purpose of forward-looking information is to provide the reader with information about management's expectations and plans. Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, those factors discussed in the section entitled "Risk Factors" in the Company's annual information form, which is available under the Company's profile on SEDAR at www.sedar.com. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.
SOURCE Anvil Mining Limited
For further information: For further information: Craig Munro, Senior Vice President Corporate & CFO, +61 (8) 9481 4700, email@example.com (Perth); Robert La Vallière, Vice President Investor Relations, (Office) +1 (514) 448 6664, (Cell) +1 (514) 944 9036, firstname.lastname@example.org (Montréal); www.anvilmining.com