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Avino Announces Closing of Bought Deal Offering

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Avino Silver & Gold Mines Ltd. (ASM: TSX:ASM) (NYSE American:ASM) (FSE:GV6)  further to the Company’s press release dated July 24, 2019, the Company is pleased to announce that it has closed the bought deal financing with Cantor Fitzgerald Canada Corporation, as sole bookrunner and sole underwriter, for the issuance of a total of 7,735,360 common shares of the Company for aggregate gross proceeds of $6,900,340, consisting of  5,411,900 common shares at the issue price of CDN$0.85 per Common Share, and 2,323,460 common shares which qualify as “flow-through shares” as defined under the Income Tax Act (Canada) at the issue price of CDN$0.99 per FT Share.  

 

The Underwriter has fully exercised its over-allotment option to purchase 705,900 Common Shares and 303,060 FT Shares (which are included in the gross proceeds above).  The Underwriter received a cash commission of 7.0% of the gross proceeds raised, as well as the issuance of share purchase warrants exercisable to purchase up to 464,122 Common Shares at CDN$0.85 per share until July 30, 2020.

 

The Company intends to use the net proceeds of the Offering to advance the exploration and development of the Company’s Avino Mine, in particular further exploration of the Hanging Wall area, and further exploration and development activities on the Bralorne Mine property in British Columbia, and for general working capital.  The Company believes that this capital raise strengthens the Company’s balance sheet and is integral to Avino’s strategies for future growth. 

 

The Offering was made by way of prospectus supplements dated July 25, 2019 to the Company’s existing Canadian short form base shelf prospectus dated December 21, 2018.  The prospectus supplement relating to the Offering was filed with the securities commissions in all of the provinces of Canada, except Quebec. 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, 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 is a silver and gold producer with a diversified pipeline of gold, silver and base metals properties in Mexico and Canada employing close to 500 people. Avino produces from its wholly owned Avino and San Gonzalo Mines near Durango, Mexico, and is currently planning for future production at the Bralorne Gold Mine in British Columbia, Canada. The Company’s gold and silver production remains unhedged. The Company’s mission and strategy is to create shareholder value through its focus on profitable organic growth at the historic Avino Property near Durango, Mexico, and the strategic acquisition of mineral exploration and mining properties. Avino is 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.

 

Posted July 30, 2019

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