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Avocet off-loads Norwegian subsidiary for US$400,000

Avocet Mining Plc sold wholly owned Norwegian subsidiary Wega Mining AS and intercompany receivables to Natholmen AS for US$400,000 in cash.

Meanwhile, the company is continuing discussions with its secured creditor, Manchester Securities Corp., to restructure overdue loans, which total US$29.2 million.

Manchester Securities also agreed to dispose of and release its security over the shares in Wega Mining and its subsidiaries, according to a March 16 release.

The company may use the proceeds for partial repayment of debt from Manchester Securities.

Avocet said it will take "all practicable actions to minimize its costs and streamline its remaining responsibilities, activities and group structure."