Avino Announces $5.1 Million Financing
December 10 2010 - 5:15PM
Marketwired
Avino Silver & Gold Mines Ltd. (the "Company") (TSX VENTURE:
ASM)(OTCBB: ASGMF)(BERLIN: GV6)(FRANKFURT: GV6) is pleased to
announce that it has arranged a private placement of up to
2,700,000 units at a price of $1.90 per unit, each unit consisting
of one common share and one non-transferrable share purchase
warrant. Each warrant will entitle the investor to purchase one
additional common share with a term of three years at an exercise
price of $2.50. Sprott Asset Management LP on behalf of certain
funds and managed accounts has agreed to participate in this
private placement. In addition, units will be sold by the Company
to investors introduced by Sprott Private Wealth LP ("SPW"). A cash
commission of 5% of the gross proceeds from units sold to such
investors and 5% compensation warrants are payable to SPW.
The net proceeds of this Offering will be used to advance the
Company's San Gonzalo silver, gold, lead and zinc project at
Durango, Mexico and general working capital requirements.
The financing is Subject to approval of The TSX Venture Exchange
and all regulatory authorities. The securities issued by the
Company in connection with this financing are subject to a 4-month
"hold period" as prescribed by the TSX Venture Exchange.
Founded in 1968, Avino has established a long record of mining
and exploration in Mexico. The Company's focus is to bring the
property to production. Avino remains well funded.
For more information on the San Gonzalo project, visit the
Company's website at www.avino.com.
ON BEHALF OF THE BOARD
David Wolfin, President & Chief Executive Officer
This release contains statements that are forward-looking
statements and are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's periodic filings with
Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based
on information currently available. The Company does not assume the
obligation to update any forward-looking statement.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Avino Silver & Gold Mines Ltd. David Wolfin
President & Chief Executive Officer 604.682.3701 604.682.3600
(FAX) ir@avino.com www.avino.com
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