VANCOUVER, BC, June 29, 2021 /CNW/ - Avanti Energy
Inc. (TSXV: AVN) (US OTCPINK: 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.
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.