MONTRÉAL, Aug. 19, 2014 /CNW/
- Lloyd I. Miller, III, the Manager of Milfam II L.P. ("M2"),
acquired on August 19, 2014, pursuant
to a subscription agreement in connection with a private placement
offering by Avnel Gold Mining Limited ("AVNEL") (TSX-AVK),
ownership of 1,800,000 units of AVNEL (the "Units") at a price of
CDN$0.15 per Unit. Each Unit
consists of one common share of AVNEL and one transferable common
share purchase warrant (a "Warrant") of AVNEL. Each Warrant
entitles the holder to purchase one common share of AVNEL at an
exercise price of CDN$0.20, at any
time for a period of 30 months from the date of issue of the
Warrants, provided that in the event that the common shares of
AVNEL trade on the Toronto Stock Exchange, or other recognized
stock exchange or market, as applicable, at a volume weighted
average price of CDN$0.30 or more for
a period of at least 20 consecutive trading days, AVNEL will be
entitled to accelerate the exercise period to a period ending at
least 30 days from the date that notice of such acceleration is
provided. The Common Shares and Warrants acquired represent
approximately 1.38% of the currently issued and outstanding common
shares of AVNEL, and assumes the conversion of the 1,800,000
Warrants on a fully diluted basis.
As a result of the acquisition of the Common Shares, Mr. Miller,
through M2, a trust and a limited liability company, currently owns
or has control or direction over an aggregate of 29,092,641 Common
Shares of AVNEL, representing approximately 10.89% of the issued
and outstanding common shares, and assumes the conversion of
7,800,000 Warrants held on a fully diluted basis.
The Common Shares were acquired for investment purposes
only. Depending on the evolution of AVNEL's business,
financial condition, the market for AVNEL securities, general
economic conditions and other factors, Mr. Miller and his
joint actors may acquire additional securities of AVNEL, or sell
some or all of the securities they hold, in the open market, by
private agreement or otherwise, subject to their availability at
attractive prices, market conditions and other relevant
factors.
For inquiries or a copy of the related early warning report
required under Canadian provincial securities legislation, a copy
of which has also been filed on www.sedar.com, please contact:
SOURCE Lloyd I. Miller, III