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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.

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Avanti plans to use proceeds from the private placement on advancing its Kitsault molybdenum mine in British Columbia.



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