Avanti Energy closes private placement financing of $5 million
Vancouver, B.C., March 26, 2021. Avanti Energy Inc. (TSXV: AVN)(US OTC PINK: ARGYF) (the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement (see news release dated March 8, 2021) by issuing 5,000,000 common shares (“Shares”) at a price of $1.00 per share for gross proceeds of $5,000,0000 (the “Financing”).
“We would like to welcome our new shareholders who participated in the fully subscribed $5 million financing and thank existing shareholders who continue to support Avanti,” stated President & CEO, Rob Gamley. “Upon closing of the financing, we are well-positioned with a strong balance sheet of over $8 million in cash.”
All securities issued under the Financing are subject to a four-month and one day statutory hold period expiring on July 27, 2021. The Company paid finders fees totaling $285,300 and issued a total of 285,300 warrants (“Warrants”). Each Warrant entitling the holder to purchase one common share for a period of one year at an exercise price of $1.00 per share.
The proceeds of the Financing will be used for general working capital purposes and project review and acquisition.
About Avanti Energy
Avanti Energy is focused on the exploration, development and production of helium across western Canada and the United States. Avanti’s professional oil and gas exploration and production team is actively targeting untapped potential helium reserves to help meet the increasing global demand for an irreplaceable and scarce element critical to advanced technology, medical and space exploration industries. For more information, please go to the Company’s website at www.gradyf10.sg-host.com.
For corporate and shareholder inquiries, please contact:
Rob Gamley, President & CEO
Avanti Energy Inc.
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.