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As of 3:59 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

avanti mining inc (AVT) Snapshot

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avanti mining inc (AVT) Details

Avanti Mining Inc. acquires, explores, and develops mineral properties in Canada. It has an interest in the Kitsault Property, which includes three molybdenum deposits comprising Kitsault, Bell Moly, and Roundy Creek located in Kitsault, British Columbia. The Kitsault Property consists of 39,211.4 hectares of mineral leases and mining claims. The company was formerly known as Amaryllis Ventures Ltd. and changed its name to Avanti Mining Inc. in June 2007. Avanti Mining Inc. was founded in 2006 and is based in Toronto, Canada.

Founded in 2006

avanti mining inc (AVT) Top Compensated Officers

Total Annual Compensation: C$325.0K
Total Annual Compensation: C$309.0K
Compensation as of Fiscal Year 2013.

avanti mining inc (AVT) Key Developments

Avanti Mining Inc. Signs Mandate Letter for $612 Million Debt Finance Facility

Avanti Mining Inc. announced that it has entered into a debt financing mandate letter with a syndicate of six lenders pursuant to which the Lenders are proposing to provide secured debt finance facilities for $612 million to develop the Kitsault molybdenum mine. The Lenders consists of BNP Paribas, Caterpillar Financial Services Corporation, Export Development Canada, Korea Development Bank, Mizuho Bank Ltd. and UniCredit Bank AG. The Mandate Letter and related term sheet establishes the terms under which the Banks have been appointed to deliver a project finance facility of $612 million and is subject to due diligence, loan documentation, credit and certain other approvals. Final credit approval for the facility is expected in September 2014. The facility set out in the term sheet is comprised of $500 million senior debt for a term of 10.5 years, $42 million in equipment finance for a term of 5 years and $70 million in the form of standby cost over-run facilities for a term of 8 years. The interest rate is LIBOR based, loan repayments are semi-annual or quarterly (for equipment finance) and there are mandatory prepayment provisions of a portion of excess free cash flow. The facility will include customary provisions for a financing of this type, including fees, representations and warranties, covenants, events of default and security customary for this type of financing.

Avanti Mining Inc. Appoints Shawn Howarth as Vice President, Corporate Development and Investor Relations

Avanti Mining Inc. announced that it has appointed Shawn Howarth to the position of Vice President, Corporate Development and Investor Relations. Mr. Howarth is a former investment banker with 11 years of combined corporate finance and industry experience. Prior to joining Avanti, Mr. Howarth was an Associate Director at Standard Chartered Bank, advising clients on mergers and acquisitions in the mining and metals sector.

Avanti Mining Commences Construction at the Kitsault Project

Avanti Mining Inc. announced the commencement of construction activities at its Kitsault project on June 23, 2014, after receiving an "Occupant License to Cut" from the BC Ministry of Forests Lands and Natural Resource Operations and other secondary construction related approvals. The receipt of these approvals, which followed the amended Mines Act permit issued on June 13, 2014, allowed Avanti to initiate site activities at Kitsault. Contractors have now started with road construction and are being mobilized to commence camp construction activities.


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