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News Breaks
June 30, 2014
08:37 EDTASMAvino Silver & Gold Mines to acquire Bralorne Gold Mines
Avino Silver & Gold Mines and Bralorne Gold Mines announced that they have entered into a letter of intent, or LOI, pursuant to which it is contemplated that Avino will acquire all of the outstanding common shares of Bralorne which Avino does not already own by way of a plan of arrangement. Upon completion of the Transaction, it is anticipated that approximately 2.64M common shares of Avino will be issued to former Bralorne shareholders to acquire Bralorne which holds an undivided 100% legal and beneficial interest in the operating Bralorne gold mine in British Columbia. Under the terms of the LOI, the Transaction will be affected by a plan of arrangement under the Business Corporations Act whereby Avino will acquire from the shareholders of Bralorne, 100% of the outstanding common shares of Bralorne which Avino does not already own in exchange for common shares of Avino, and Bralorne will as a result become a wholly-owned subsidiary of Avino. Previously Avino agreed to purchase 9.5M common shares of Bralorne from a third party and following the closing of this purchase, Avino will own 9,679,149 common shares of Bralorne representing approximately 34% of Bralorne's outstanding common shares. The proposed Transaction structure remains to be finalized by the parties pursuant to the LOI.
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