Avanti Energy Closes Private Placement of $4,080,000

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Avanti Energy Closes Private Placement of $4,080,000

Canada NewsWire

VANCOUVER, BC, July 12, 2021 /CNW/ - Avanti Energy Inc. (TSXV: AVN) (OTC: ARGYF) (the "Company") is pleased to announce that it has closed its previously announced oversubscribed non-brokered private placement (see news releases dated June 29 and June 30, 2021) by issuing 2,400,000 shares ("Shares") at $1.70 for gross proceeds of $4,080,000 (the "Financing").

Chris Bakker, Avanti CEO, stated, "We would like to welcome our new shareholders who participated in the oversubscribed $4.08 million financing and thank existing shareholders who continue to support the Company by increasing their ownership. We are excited to further execute our intended growth initiatives and this injection of capital will accelerate those efforts."

All securities issued under the Financing are subject to a four–month and one day statutory hold period expiring on November 10, 2021.  The Company paid finders fees totalling $35,200 and issued a total of 20,718 Warrants. 

The proceeds of the Financing will be used to complete all of its strategic land acquisitions and drill the initial three well program starting later this summer or early fall.

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.avantienergy.com.

Forward-Looking Statements

The 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. 

SOURCE Avanti Energy Inc.

Cision View original content: http://www.newswire.ca/en/releases/archive/July2021/12/c7318.html

Copyright CNW Group 2021

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