Avino Closes $5.1 Million Financing
December 22 2010 - 3:38PM
Marketwired
Avino Silver & Gold Mines (the "Company") (TSX VENTURE:
ASM)(OTCBB: ASGMF)(BERLIN: GV6)(FRANKFURT: GV6) has closed a
non-brokered private placement with aggregate gross proceeds of
$5,130,000 from the sale of 2,700,000 units (the "Units) at a price
of $1.90 per unit. Each unit is comprised of one common share and
one non-transferrable share purchase warrant (a "Warrant"). Each
warrant entitles the investor to purchase one additional common
share at an exercise price of $2.50 with a term of three (3) years
until December 22, 2013. The common shares issued, and any common
shares issued pursuant to the exercise of Warrant prior to April
23, 2011 will be restricted from trading until April 23, 2011.
The Company is pleased to have Sprott Private Wealth LP
("Sprott") facilitate the participation of its clients in the
private placement and also to have Sprott Asset Management LP, on
behalf of certain funds and managed accounts invest in the Company
through the acquisition of Units. The Sprott Group has been
instrumental in the development of countless successful mining
ventures and Sprott Asset Management is a leading independent asset
manager dedicated to achieving superior returns for its clients
over the long term. Sprott manages several billion dollars through
multiple funds and has been the winner of numerous prestigious
distinctions that are awarded to funds providing superior
returns.
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.
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 & CEO
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 & CEO 604.682.3701 604.682.3600 (FAX) ir@avino.com
www.avino.com
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