Avanti Mining Inc. (TSXV:AVT) amended the terms of its binding and committed term sheet with Resource Capital Fund VI L.P. to increase the secured preconstruction loan from US $40,000,000 to US $50,000,000 (the Facility). The Company will hold a shareholders meeting to approve the Facility on December 18, 2013
As quoted in the press release:
The purpose of the Facility is to provide the Company with working capital to commence preconstruction activities at the Kitsault project in anticipation of the project construction starting immediately upon receipt of permits. In addition, the Company also plans to use the proceeds of the Facility to repay all principal and interest owing to CEF (Capital Markets) Ltd. (“CEF”), approximately US$10 million, under the Company’s existing loan (the “Existing Loan”), with RCF and CEF dated July 2, 2013.