An anonymous representative of Fern Trust reports
DIORITE SECURITIES LIMITED AS TRUSTEE OF THE FERN TRUST ("FERN TRUST") ANNOUNCES DECREASE IN HOLDINGS IN AVNEL GOLD MINING LIMITED
June 2, 2011, Fern Trust, a family
trust for the benefit of the family of Howard B. Miller, the
chairman and chief executive officer of Avnel, entered into an agreement with Iamgold Corp. pursuant to which Fern Trust agreed to sell five million ordinary shares
of Avnel Gold Mining Ltd. to Iamgold, on a private basis using an exemption from the prospectus
requirements, for aggregate disposition proceeds of $3.3-million
(66 cents per share). The closing of the share sale is expected to
occur on or about June 15, 2011.
After the closing of the sale, Fern Trust will hold a total of
33,602,022 ordinary shares, representing approximately 17.5 per cent of the
total issued and outstanding ordinary shares of Avnel. Assuming Fern
Trust exercised the warrants of Avnel it holds, it would hold
approximately 23.6 per cent of the total issued and outstanding ordinary shares
Fern Trust may from time to time, depending on market and other
conditions, increase or decrease such holdings of ordinary shares or
other securities of Avnel, however, at this time, the Fern Trust has no
intention of disposing of further shares of Avnel. The Fern Trust
welcomes Iamgold's expression of confidence in Avnel's Kalana and
Fougadian projects in southwest Mali which are the subject of options
to enter into joint venture agreements between Iamgold and Avnel.
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