NYSE-MKT: ASMTSX-V: ASMFSE: GV6VANCOUVER, Nov. 21, 2016 /PRNewswire/ - Avino Silver & Gold Mines Ltd. (ASM: TSX.V, ASM: NYSE-MKT: ASM; "Avino" or the "Company") announces it has entered into an underwriting agreement dated November 21, 2016 (the "Underwriting Agreement") with Cantor Fitzgerald Canada Corporation, as sole bookrunner, and Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, as lead manager, and certain co-managers (collectively, the " Underwriters"), to purchase, on a bought deal basis, 6,370,000 units of the Company (the "Units") at the price of US$1.57 per Unit (the " Issue Price") for aggregate gross proceeds of approximately US$10 million (the "Offering") in Canada and the United States of America. Each Unit will consist of one (1) common share of the Company (the " Common Shares") and one-half (1/2) of one common share purchase warrant (the " Warrants"). Each whole Warrant will be exercisable for a period of 36 months after the closing of the Offering and will entitle the holder to purchase one (1) additional Common Share at an exercise price of US$2.00, subject to adjustment. In addition, the Company has granted to the Underwriters an over-allotment option (the "Over-Allotment Option") exercisable, in whole or in part, in the sole discretion of the Underwriters, to purchase up to an additional 955,500 Units at the Issue Price per Unit, for a period of up to 30 days after the closing of the Offering for additional aggregate proceeds to the Company of approximately US$1.5 million. In the event the Over-Allotment Option is exercised in full, the aggregate gross proceeds to the Company will be approximately US$11.5 million. The Company has agreed to pay the Underwriters a cash commission equal to 7% of the gross proceeds of the Offering, including proceeds received from the exercise of the Over-Allotment Option.