Avanti Announces Acceleration of Warrants Expiry Date Issued in Conjunction with June 2019 Private Placement
Vancouver, B.C., February 5, 2021 – Avanti Energy Inc. (TSXV Symbol: AVN) (the “Company”) announced today that it has elected to accelerate the expiry date of the 3,934,000 remaining common share purchase warrants (the “Warrants”) issued on June 13, 2019, in conjunction with a non-brokered private placement of units. Each Warrant may be exercised to acquire one common share of Avanti at an exercise price of $0.50 per share.
Under the terms of the Warrants, Avanti is permitted to accelerate the expiry date of the Warrants if the closing market price of the Common Shares of the Company on the TSX Venture Exchange is greater than $0.75 per Common Share for a period of ten (10) consecutive trading days after October 14, 2019 (a “Trigger Event”), then the Company may deliver a notice (the “Acceleration Notice”) to the Warrant holders notifying the holder that the Warrants must be exercised within thirty (30) calendar days from the date of the Acceleration Notice, otherwise the Warrants will expire at 4:00 p.m. (Vancouver time) on the thirtieth (30th) calendar day after the date of the Acceleration Notice.
This press release will serve as the Company’s Acceleration Notice. Accordingly, the expiry date is now set for 4 p.m. Vancouver time on Monday, March 8, 2021, being the 30th day following the date of this news release. Any Warrants remaining unexercised after the expiry date will expire and be of no force and effect.
Holders may exercise the Warrants before the expiry date by observing the process as set out in the warrant certificates. The contact information for the exercise of the warrants is Rob Gamley, Chief Executive Officer at Avanti Energy, Suite 204, 998 Harbourside Drive, North Vancouver, B.C., V7P 3T2 and can be reached at email@example.com.
For more information regarding the Company, please contact Rob Gamley at (604) 689-7422.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AVANTI RESOURCES INC.
Signed “Rob Gamley”
President and Chief Executive Officer
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to the Company’s limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.