Avanti Energy (TSXV: AVN) last night indicated that it has closed its previously announced private placement. The non-brokered financing saw the firm raise total gross proceeds of $4.1 million.
The offering closed on an over-subscribed basis, with the firm initially looking to raise just $3.0 million under the financing. Under the terms of the financing, the helium-focused firm sold a total of 2.4 million shares at a price of $1.70 per each. No warrant was included within the offering.
Proceeds from the financing are to be used to close strategic land acquisitions as well as to conduct a three-hole drill program. The program is slated to take place “later this summer or early fall.”
The closing of the financing follows yesterdays announcement by the company that it has identified three potential drilling locations at its Southern Alberta property, referred to as the Aden property. The first wells will target a region where the company currently expects to find up to ~2% helium and ~95% nitrogen.
Avanti Energy last traded at $2.78 on the TSX Venture.
Information for this briefing was found via Sedar and Avanti Energy. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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