Vancouver, B.C., June 29, 2021 – Avanti Energy Inc. (TSXV: AVN) (US OTC PINK: ARGYF) (the “Company”) is pleased to announce a non-brokered private placement financing of up to 1,765,000 common shares (“Shares”) at a price of $1.70 per common share for gross proceeds of up to $3,000,500 (the “Financing”).
The Financing is fully committed to by current investors in Avanti. This, plus the current cash on hand, will allow the Company to complete all its strategic land acquisitions and drill the initial three well program starting later this summer or early fall.
Avanti CEO Chris Bakker commented, “I am really pleased to see such strong alignment and support from our sophisticated and loyal shareholders. Their support is a testament to our portfolio of highly prospective helium projects and demonstrates confidence in our technical team’s systematic approach to unlocking value. We are now able to move quickly into a new and exciting second stage of development where we will focus on drilling our compelling targets. In a very short period of time, our team has done fantastic work in identifying these high-priority lands that include multiple well-defined structural targets. We are anxious to test the helium potential in Alberta and Montana as soon as possible and are on track to spud at least our first three appraisal wells in 2021.”
The securities issued under the Financing will be subject to restrictions on resale for a period of four months from the date of issue. The Company may pay finders a fee in cash and/or warrants under the Financing.
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.
For corporate and shareholder inquiries, please contact:
Avanti Energy Inc.
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.