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Avino Announces Closing of US$4.6 Million Underwritten Public Offering, Including the Partial Exercise of Underwriters’ Overallotment Option

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Avino Announces Closing of US$4.6 Million Underwritten Public Offering, Including the Partial Exercise of Underwriters’ Overallotment Option

 

 

 

 

 

Avino Silver & Gold Mines Ltd. (TSX:ASM) (NYSE American:ASM) (FSE:GV6), today announced the closing of its underwritten public offering of an aggregate of 6,239,867 common shares of the Company, together with warrants to purchase up to 6,239,867 common shares of the Company, at a public offering price of US$0.65 per share and associated warrant to purchase one common share. Each warrant has an exercise price of US$0.80 and expires on September 25, 2023.  In addition, the underwriters partially exercised their overallotment option to purchase an aggregate of 865,791 additional common shares of the Company and additional warrants to purchase 935,979 common shares of the Company. After deducting the underwriting discounts and commissions and other estimated offering expenses, the net proceeds of the public offering are expected to be approximately US$4.1 million.

 

 

H.C. Wainwright & Co. acted as the sole book-running manager for the offering.  Roth Capital Partners acted as co-manager for the offering.

 

 

The Company intends to use the net proceeds from the offering primarily for advancing the development of the Avino mine and its operations and production, and to a lesser extent for the exploration and development of the Bralorne Mine Property, and for general working capital.

 

 

The shares and warrants were offered pursuant to an effective shelf registration statement on Form F-3 (File No. 333-226963), that was previously filed with the Securities and Exchange Commission (“SEC”) and declared effective on September 5, 2018. The securities were offered only by means of a prospectus. A final prospectus supplement and the accompanying prospectus was filed with the SEC and is available on the SEC’s website at www.sec.gov, as well as under the Company’s profile on the SEDAR website at www.sedar.com, and may also be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by calling (646) 975-6996 or emailing placements@hcwco.com.  In connection with the offering, the Company relied on the exemptions in Section 602.1 of the Toronto Stock Exchange Company Manual. 

 

 

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or 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 600 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. 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.

 

Posted September 25, 2018

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