Mr. David Wolfin reports
AVINO ANNOUNCES $5.1 MILLION FINANCING
Avino Silver & Gold Mines Ltd. has arranged a private placement of up to 2.7 million 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 per cent of the gross proceeds from units sold to such investors and 5 per cent in 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 four-month hold period as prescribed by the TSX Venture Exchange.
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