Monday the 28th., page-7

 Avanco is an emerging mid-tier Company with focus on Carajas copper in Brazil  The Stage I Copper Project investment is estimated at US$70M (US$50M Pre-production + US$10M contingency +US$10M working capital)1  In June 2013 Avanco agreed terms with Banco Votorantim for US$58M of senior debt on an ~80/20 debt to equity ratio2  A $12M investment was subsequently offered by BlackRock in exchange for a production royalty with key commercial terms confirmed in March 20143  The Credit committee of Brazilian Banco Votorantim have approved a (non-binding) term sheet for US$30m of debt4  Lead banker Votorantim is well advanced in syndicating the remaining US$28M  US$12M non-dilutive binding Royalty transaction now signed with BlackRock