Boston, MA 02/20/2014 (wallstreetpr) – Avino Silver & Gold Mines Ltd (USA) (NYSEMKT:ASM) has announced completion and closure of the previously announced ATM brokered public offering in the U.S. Note ATM in this case stands for At-The-Market. The company announced that roughly 2.5 million common shares were on offer, resulting into gross proceeds of roughly $5.7 million. The company had Cantor Fitzgerald & Co. as the agent in the brokered shares offering.
The company like most of its peers needs money to boost operations in various plants and also to put into several other corporate functions. It announced that the resulting net proceeds from the ATM common shares public offering would be used in among other things, advancing mine development and the company has earmarked its mining operations in Mexico for advancement.
At the same time, Avino Silver & Gold Mines Ltd (USA) (NYSEMKT:ASM) will spend another portion of the net proceeds from the stock offering in various working capital requirements.
About the just concluded offering
Avino Silver & Gold Mines Ltd (USA) (NYSEMKT:ASM) offered more than 2.5 million common stock in public offering in the U.S. and the same was registered by way of Form F-3 Registration and the supplement filed with Securities and Exchange Commission. The company stated in a news release that copies of the said prospectus supplement that was filed with SEC is obtainable under its profile on a Web portal.
A good deal
The transaction to offer the common stock at the market was a successful undertaking and the company’s CEO David Wolfin noted the same in statement to news outlets. In particular, the company hailed the fact that the ATM brokered common stock public offering resulted in a minimal dilution of its share structure.
Still, the funds raised through the offering would go into important use that would help boost the company’s performance going forward. Such functions would include funding the exploration and drilling programs and also outlining new resources at its San Gonzalo Mine. So then, Avino Silver & Gold Mines Ltd (USA) (NYSEMKT:ASM) has showered praised on Cantor Fitzgerald for their hard work and of course, commitment that went into making the offering a success.
With the closure of the ATM common stock offering and the required funds raised, now time has come for Avino Silver & Gold Mines Ltd (USA) (NYSEMKT:ASM) to act according to plan. The company says that among other things, its mission is to create value for shareholders and that is done through profitable organic growth. And this is exactly what is at the center of the plans for the realized proceeds.
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