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Avanti Mining Inc. (TSXV:AVT) and its wholly owned subsidiary Avanti Kitsault Mine Ltd. announced the closing of a bridge loan with CEF Holdings Limited and Resource Capital Fund IV L.P. on June 29, 2012, to provide a US$20 million bridge loan for a one-year term.
As quoted in the press release:
US$9,839,500 of the proceeds was used to repay existing loans from RCF. The US$5 million convertible portion of those loans would have required issuance of 25,829,114 shares and 12,914,557 four-year warrants, which are no longer an obligation of Avanti.
Click here to read the Avanti Mining (TSXV:AVT) press release
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