Business
Avino Announces Further Extension of Concentrates Prepayment Agreement with Samsung C&T
Avino Announces Further Extension of Concentrates Prepayment Agreement with Samsung C&...
About this update from Avino Silver & Gold Mines Ltd.
[{"type":"text","content":"\n\n\n\nAvino Announces Further 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 Further Extension of Concentrates Prepayment Agreement with Samsung C&T\nCanada NewsWire\nVANCOUVER, Nov. 30, 2018\n\n\n\nVANCOUVER, Nov. 30, 2018 /CNW/ - Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American, GV6: FSE, \"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, as amended, has been further extended for repayment of the balance of the principal amount of US$6,666,670 to Samsung over a two year period starting October 2019, in return for exclusive concentrate deliveries.\nPursuant to a new amending agreement (the \"Amendment\"), Avino will sell concentrates on an exclusive basis to Samsung until December 2024.  Samsung has previously advanced to Avino a term facility in the sum of US$10 million for such concentrates, of which Avino has repaid US$3,333,330 for a net amount owing of US$6,666,670 (the \"Facility\"), and the Facility will be repaid with interest from Avino's future shipments of concentrates.  There will be a 12-month deferral period from October 2018 through and including September 2019, during which there are no repayments of principal.  Avino will then repay the balance with interest by 23 equal monthly instalments of US$277,777, commencing October 2019 and ending August 2021, followed by a single and final payment of $277,799 in September 2021.  Interest on the Facility is payable monthly at LIBOR plus 6.75% during the first 12-month deferral period.  Other material terms of the Facility remain unchanged.  The Company is pleased to take advantage of this extension of the concentrate sales agreement and revised repayment arrangement with Samsung, as this ensures a steady long-term contract for the sale of the Company's concentrates, and will provide capital to Avino to further advance and expand its projects over the next 12...