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Resource Capital Fund IV L.P. and Resource Capital Fund VI L.P. Acquire Shares of Avanti Mining Inc. pursuant to Loan Agreements

DENVER, CO, Aug. 5, 2014 /CNW/ - Resource Capital Fund IV L.P. ("RCF IV") and Resource Capital Fund VI L.P. ("RCF VI") report that they have acquired in aggregate 63,435,919 common shares of Avanti Mining Inc. (the "Acquired Shares") in accordance with the terms of the Amended and Restated Loan Agreement dated July 12, 2013, between Avanti Mining Inc. ("Avanti"), its wholly-owned subsidiary, Avanti Kitsault Mine Ltd. ("AKM"), CEF (Capital Markets) Limited, RCF IV and RCF VI (the "Bridge Loan Agreement") as well as in accordance with the terms of the Preconstruction Loan Agreement dated December 19, 2013 between Avanti, AKM and RCF VI (collectively with the Bridge Loan Agreement, the "Loan Agreements").

Pursuant to the Loan Agreements, RCF IV and RCF VI, as applicable, may accept common shares of Avanti ("Common Shares") for amounts payable under the Loan Agreements. The Acquired Shares are subject to a four-month hold period and consist of:

  • 13,267,622 Common Shares to RCF IV and 12,676,066 Common Shares to RCF VI in consideration for US$1,472,222 of accrued interest for the period from October 1, 2013 to June 30, 2014;
  • 16,196,231 Common Shares to RCF VI in consideration for US$1,102,222 of accrued interest for the period from December 20, 2013 to June 30, 2014; and
  • 21,296,000 Common Shares to RCF IV and RCF VI in consideration for establishment and extension fees payable under the Bridge Loan Agreement.

RCV IV and RCF VI (collectively, "RCF") are under common management by RCF Management LLC. Prior to receiving the Acquired Shares, RCF owned and controlled approximately 34.5% of the outstanding Common Shares. Including the Acquired Shares, RCF now owns and controls 224,978,454 Common Shares representing approximately 42.3% of the outstanding Common Shares.

The Acquired Shares were acquired for investment purposes. RCF may in the future decide to invest in the Common Shares and, if so, RCF will evaluate any future investment in Avanti from time to time and may, based on such evaluation of market conditions and other circumstances, increase or decrease shareholdings in Avanti as circumstances require.

SOURCE Resource Capital Fund IV L.P.

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