Avanti Mining Inc.(TSXV:AVT) announced that it will extend the term of $5million bridge loan with Resource Capital Fund IV L.P. The Company entered into a term sheet with Resource Capital to extend the December 2011 loan.
As quoted in the press release:
Pursuant to the term sheet, RCF has agreed to extend the maturity date of the bridge loan from April 15, 2012 to June 15, 2012 and the Company has agreed to pay RCF an extension fee of CDN$125,000 in cash or, at RCF’s option, in common shares of the Company valued at the current market price. All other terms of the bridge loan remain unamended.