A South Korean steel producer has substantially increased its holdings of Avanti Mining Inc. and now owns nearly 13 per cent of the Vancouver-based company's common shares.
SeAH Holdings Corp. of Seoul paid 25.2 cents per common share to buy about 43.6 million additional shares of Avanti on Thursday, as part of a strategic alliance between the two companies announced Dec. 22.
SeAH also obtained the rights to partake in future equity offerings to maintain its proportionate share of the Canadian mining company.
Avanti plans to use proceeds from the private placement on advancing its Kitsault molybdenum mine in British Columbia.