Finanzierung on the way ;)
April 19, 2012
Mandate Awarded for $640 Million Kitsault Project Financing
Vancouver, British Columbia: Avanti Mining Inc. (TSX-V: AVT) (OTC: AVNMF.PK) ("Avanti" or the "Company") is pleased to announce that it has entered into a mandate letter with five lenders for up to $640 million of project financing to develop the Kitsault molybdenum mine. The lending group is comprised of:
UniCredit Bank AG ("UniCredit")
KfW IPEX-Bank GmbH ("KfW")
Export Development Canada ("EDC")
Korea Development Bank ("KDB"), and
Caterpillar Financial ("CAT")
The mandate letter has preliminary approval of each of the proposed lenders but requires the completion of lenders due diligence, final credit approval and negotiation and execution of a loan agreement under Ontario law.
The key terms of the mandate letter are $560 million senior debt for a term of 12 years plus $80 million in the form of a standby cost over-run facility (if needed) with a term of 8 years. The interest rate is LIBOR (London Interbank Offer Rate) based, loan repayments are semi-annual and there is a prepayment provision of a portion of excess free cash flow.
The funding under this facility will be subject to the customary conditions precedent for a financing of this type including the issuance of an environmental certificate under the Canadian Environmental Assessment Act and the BC Environmental Assessment Act, the necessary permits required for construction and equity investment by Avanti and its strategic partner. There is no certainty that the transaction contemplated in the mandate letter will be successfully completed.
"This is a key milestone for Avanti to be able to arrange a very substantial portion of the $850 million total financing needed for the Kitsault mine," stated Mr. A.J. Ali, CFO. "It reflects significant financial risk mitigation for a strategic partner, shareholders and other stakeholders".
"I am delighted that Kitsault has entered into this mandate for project financing. This confirms our belief that Kitsault is a world class molybdenum deposit in a well known mining jurisdiction and can be developed in a manner that protects and supports the local communities," said Mr. Craig Nelsen, President & CEO.
Avanti Mining Inc. is focused on the development of the past producing Kitsault Mine Project located north of Prince Rupert in British Columbia. In late 2010, Avanti completed the Kitsault Feasibility Study on the Kitsault Mine Project, dated December 15, 2010, prepared by AMEC Americas Limited that showed Proven and Probable Reserves of 232.5 million tonnes averaging 0.081% molybdenum. Ken Collison, P. Eng., Senior Vice President Project Development and a Qualified Persons as defined by NI 43-101, is responsible for the technical information in this press release.
For further information, please visit www.avantimining.com, or contact:
A.J. Ali, Chief Financial Officer, 303-565-5491, extension 4472, or
Craig J. Nelsen, Chief Executive Officer, 303-565-5491, extension 4471 -----------
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