Avanti Mining Raises CDN $4.8 Million Through Warrant Exercises
Vancouver, British Columbia: Avanti Mining Inc. (TSX-V:AVT) ("Avanti") announces that 47,666,000 warrants (99.3% of the total) were exercised prior to the expiry date of August 17, 2009. These warrants were issued in connection with the IPO of the company in August 2007 and were exercisable at $0.10 each. Following this warrant exercise, the total number of issued and outstanding common shares of the Company is 152,036,443, and the Company's working capital was increased by approximately $4.8 million as a result of the warrant exercise.
Currently 7,499,998 warrants, at an exercise price of Cdn$0.90, expiring November 27, 2009, remain outstanding.
Craig J. Nelsen, President and CEO of Avanti commented, "I wish to thank warrant holders for their continued confidence in Avanti. With the re-opening of our Kitsault molybdenum mine moving forward at a good pace, we look forward to updating shareholders on the prefeasibility study and permitting milestones as they occur over the next six months.
In addition to development of its Kitsault mine located in British Columbia, Avanti intends to acquire advanced molybdenum prospects and move them towards development; to purchase by-product molybdenum production streams from copper producers; and to become a consolidator in the junior molybdenum market.
For further information, please visit www.avantimining.com, or contact:
Craig J. Nelsen, Chief Executive Officer, 303-565-5491, extension 13, or
Cheryl A. Martin, Senior Vice President, Investor Relations, 303-565-5491, extension 12
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 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.
You can also view this News Release on our website at: http://www.avantimining.com/s/NewsReleases.asp?ReportID=360373 |