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Avino Announces Extension of Concentrates Prepayment Agreement with Samsung C&T
Avino Announces Extension of Concentrates Prepayment Agreement with Samsung C&T ...
About this update from Avino Silver & Gold Mines Ltd.
[{"type":"text","content":"\n\n\n\nAvino Announces Extension of Concentrates Prepayment Agreement with Samsung C&T\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAvino Announces Extension of Concentrates Prepayment Agreement with Samsung C&T\nCanada NewsWire\nVANCOUVER, June 29, 2016\n\n\n\nNYSE - MKT: ASMTSX-V: ASMFSE: GV6\n\n\n\nVANCOUVER, June 29, 2016 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM: TSX.V, ASM: NYSE - MKT; \"Avino\" or \"the Company\") is pleased to announce that the concentrates prepayment agreement with Samsung C&T U.K. Ltd. (\"Samsung\") originally announced on July 9, 2015 has been extended one further year from July 2017 to July 2018.\n\nPursuant to an amending agreement (the \"Amendment\"), Avino will sell silver concentrates on an exclusive basis to Samsung until July 2018. Samsung has previously advanced to Avino the sum of US$10 million as prepayment of such concentrates (the \"Facility\"), and the Facility will be repaid with interest using Avino's future shipments of concentrates. Avino will make an initial payment of US$666,666 in June 2016, and Avino will repay the balance with interest by 14 additional monthly instalments commencing June 2017 and ending July 2018. Other material terms of the Facility remain unchanged. The Company is pleased to take advantage of the extension of the concentrate sales agreement and revised repayment arrangement, as this ensures a steady long term contract for the sale of the Company's silver concentrates, and will provide capital to Avino to further advance and expand its projects over the next 12 months.  \n\nThe Company's payment of all amounts owing to Samsung is secured by a pledge to Samsung of all of Avino's common shares in Bralorne Gold Mines Ltd. as collateral. Bralorne Gold Mines Ltd. owns the Bralorne property located near Gold Bridge, B.C.\n\nAvino\n\nAvino's mission is to create shareholder value through profitable organic growth at the historic Avino property near Durango, Mexico, and the Bralorne property in southwestern British Columbia, Canada.  We are committed to managing all busi...