Avanti Mining Inc. (TSXV:AVT) has made interest payments in the aggregate amount of US$329,166.67 on the convertible loan for the period from July 12, 2013 to September 30, 2013, in accordance with the terms of the Amended and Restated Loan Agreement between Avanti, Avanti Kitsault Mine Ltd., CEF (Capital Markets) Limited, Resource Capital Fund IV, LP , and Resource Capital Fund VI, LP.
As quoted in the press release:
According to the terms and conditions set out in the Loan Agreement, RCF IV and RCF VI have the option to receive interest payments in the form of common shares of Avanti. Each of RCF IV and RCF VI have made a request to receive the interest payable on the convertible loan, US$219,444.44 and US$109,722.23 respectively, in common shares, and Avanti will deliver to RCF IV 3,995,750 common shares and to RCF VI 1,997,875 in satisfaction of the accrued interest payable for the period from July 12, 2013 to September 30, 2013. The shares will be subject to a four-month hold period.