NYSE-MKT: ASM
TSX-V: ASM
FSE: GV6
VANCOUVER,
Nov. 28, 2016 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM: TSX.V,
ASM: NYSE–MKT: ASM; "Avino" or the "Company") further to the
Company's press release dated November 21,
2016, the Company is pleased to announce that it has closed
the bought deal financing with Cantor Fitzgerald Canada
Corporation, as sole bookrunner, and Rodman & Renshaw, a unit
of H.C. Wainwright & Co., LLC,
as lead manager, Euro Pacific Capital, Inc., Roth Capital Partners,
LLC, Echelon Wealth Partners Inc. and Haywood Securities Inc., as
co-managers (collectively, the "Underwriters"), for the
issuance of 7,124,430 units of the Company (the "Units") at
the price of US$1.57 per Unit (the
"Issue Price") for aggregate gross proceeds of US$11,185,355.10 (the "Offering") in
Canada and the United States of America. Each Unit
consisted of one (1) common share of the Company (the "Common
Shares") and one-half (1/2) of one common share purchase
warrant (the "Warrants"). Each whole Warrant is
exercisable to purchase one (1) additional Common Share at an
exercise price of US$2.00, subject to
adjustment, until November 28,
2019.
The Underwriters have exercised their over-allotment option in
part to purchase 754,430 Units at the Issue Price per Unit (which
is included in the gross proceeds above).
The Company intends to use the net proceeds of the Offering to
advance the exploration and development of the Company's Avino
Mine, exploration and development activities on the Bralorne Mine
property in British Columbia, both
of which are expected to receive major upgrades in 2017, and for
general working capital. The Company believes that this
capital raise strengthens the Company's balance sheet and is
integral to the Avino strategy for growth.
The Offering was made by way of prospectus supplements dated
November 21, 2016 to the Company's
existing Canadian short form base shelf prospectus (the "Base
Shelf Prospectus") dated November 10,
2016, and U.S. registration statement on Form F-10 dated
November 18, 2016 (the
"Registration Statement"). The prospectus supplements
relating to the Offering (together with the Base Shelf Prospectus
and the Registration Statement, the "Offering
Documents") were filed with the securities commissions in
all of the Provinces of Canada,
except Quebec, and with the United
States Securities and Exchange Commission (the "SEC").
The Offering Documents contain important detailed information about
the securities offered, and copies of the Underwriting Agreement
and the Offering Documents are available for free by visiting the
Company's profiles on the SEDAR website maintained by the Canadian
Securities Administrators at www.sedar.com or the SEC's website at
www.sec.gov, as applicable.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor will there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About Avino:
Avino's mission is to create shareholder value through
profitable organic growth at the historic Avino property near
Durango, Mexico, and the Bralorne
Mine property in southwestern British
Columbia, Canada. We are committed to managing all
business activities in an environmentally responsible and
cost-effective manner while contributing to the well-being of the
communities in which we operate.
On Behalf of the Board
"David Wolfin"
David
Wolfin
President & Chief Executive Officer
Safe Harbor Statement - This news release contains
"forward-looking information" and "forward-looking statements"
(together, the "forward looking statements") within the meaning of
applicable securities laws and the United States Private Securities
Litigation Reform Act of 1995, including our belief as to the use
of proceeds from the Offering and the Company's plans for
production for its Avino property and Bralorne Mine property. These
forward-looking statements are made as of the date of this news
release and the dates of technical reports, as applicable. Readers
are cautioned not to place undue reliance on forward-looking
statements, as there can be no assurance that the future
circumstances, outcomes or results anticipated in or implied by
such forward-looking statements will occur or that plans,
intentions or expectations upon which the forward-looking
statements are based will occur. While we have based these
forward-looking statements on our expectations about future events
as at the date that such statements were prepared, the statements
are not a guarantee that such future events will occur and are
subject to risks, uncertainties, assumptions and other factors
which could cause events or outcomes to differ materially from
those expressed or implied by such forward-looking statements.
Such factors and assumptions include, among others, our ability
to use the proceeds from the Offering as expected, the effects of
general economic conditions, the price of gold, silver and copper,
changing foreign exchange rates and actions by government
authorities, uncertainties associated with legal proceedings and
negotiations and misjudgments in the course of preparing
forward-looking information. In addition, there are known and
unknown risk factors which could cause our actual results,
performance or achievements to differ materially from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Known risk factors include risks
associated with project development; the need for additional
financing; operational risks associated with mining and mineral
processing; fluctuations in metal prices; title matters;
uncertainties and risks related to carrying on business in foreign
countries; environmental liability claims and insurance; reliance
on key personnel; the potential for conflicts of interest among
certain of our officers, directors or promoters of with certain
other projects; the absence of dividends; currency fluctuations;
competition; dilution; the volatility of the our common share price
and volume; tax consequences to U.S. investors; and other risks and
uncertainties. Although we have attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. We are under no obligation to update or alter any
forward-looking statements except as required under applicable
securities laws.
Cautionary Note to United States Investors - The information
contained herein and incorporated by reference herein has been
prepared in accordance with the requirements of Canadian securities
laws, which differ from the requirements of United States securities laws. In particular,
the term "resource" does not equate to the term "reserve". The
Securities Exchange Commission's (the "SEC") disclosure standards
normally do not permit the inclusion of information concerning
"measured mineral resources", "indicated mineral resources" or
"inferred mineral resources" or other descriptions of the amount of
mineralization in mineral deposits that do not constitute
"reserves" by SEC standards, unless such information is required to
be disclosed by the law of the Company's jurisdiction of
incorporation or of a jurisdiction in which its securities are
traded. U.S. investors should also understand that "inferred
mineral resources" have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal
feasibility. Disclosure of "contained ounces" is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
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.
SOURCE Avino Silver & Gold
Mines Ltd.