VANCOUVER, Dec. 31 /CNW/ - SeAH Holdings Corp. ("SeAH") of Seoul, Korea announces that it has acquired 43,650,794 common shares ("Common Shares") on December 30, 2010 pursuant to a private placement financing of Avanti Mining Inc. (the "Corporation") of common shares issued at a price of $0.252 (Canadian) per Common Share (the "Private Placement"). Immediately following the Private Placement, SeAH beneficially owns, controls or has direction over, directly or indirectly, an aggregate of 53,803,078 common shares, representing 12.91% of the Corporation's outstanding common shares.
SeAH acquired the Common Shares pursuant to the Private Placement and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over common shares in the capital of the Corporation, through market transactions, private agreements, treasury issuances or otherwise. Pursuant to the subscription agreement entered into between the Corporation and SeAH on December 30, 2010 in connection with the Private Placement, SeAH was also granted a pre-emptive right, subject to the terms of that subscription agreement, to participate in certain future equity financings of the Corporation in order to maintain its percentage ownership of the issued and outstanding common shares of the Corporation.
A copy of the early warning report filed in connection with this press release may be obtained from www.sedar.com under the profile for the Corporation.
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 of accuracy of this news release.
For further information: For further information:
10, Bongnae-Dong 1Ga, Jung-Gu
Seoul, Korea 100-161
TEL : +82-2-3783-8174
FAX : +82-2-3783-8186