/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
CALGARY, AB, Feb. 22, 2022 /CNW/ - Avanti Energy Inc. (TSXV:
AVN) ("Avanti") is pleased to announce that it has entered
into an agreement with a syndicate of investment dealers co-led by
Cormark Securities Inc. and Beacon Securities Limited (the
"Underwriters"), which have agreed to purchase, on a bought
deal basis, 4,065,000 units (the "Units") of Avanti at a
purchase price of $1.23 per Unit (the
"Offering Price"), for aggregate gross proceeds in the
amount of approximately $4,999,950
(the "Offering"). Each Unit will consist of one common share
of Avanti (a "Unit Share") and one-half of one common share
purchase warrant (each full warrant, a "Warrant"), each full
Warrant being exercisable to acquire one common share of Avanti at
a purchase price of $1.60 for a
period of 24 months following the closing of the Offering.
In addition, the Company has granted the Underwriters an option
to purchase up to an additional 609,750 Units (representing 15% of
the base Offering) at the Offering Price exercisable within 30 days
after the closing of the Offering for additional gross proceeds in
the amount of up to approximately $750,000.
The Offering is scheduled to close on or about March 15, 2022 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the TSX Venture
Exchange and the securities regulatory authorities.
The net proceeds of the Offering will be used to fund
exploration drilling on the Company's lands and for general
corporate purposes.
These securities offered have not been registered under the
United States Securities Act of 1933, as amended, and may
not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
About Avanti Energy Inc.
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 more information, please contact Investor Relations.
This press release shall not constitute an offer to sell or
solicitation of an offer to buy the securities in any jurisdiction.
The common shares will not be and have not been registered under
the United States Securities Act of 1933 and may not be offered or
sold in the United States absent
registration or applicable exemption from the registration
requirements.
Caution regarding forward-looking information:
This
release includes certain statements that may be deemed to be
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address events or
developments that management of the Company expects, are
forward-looking statements. Although management believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance, and actual results or developments may differ
materially from those in the forward-looking statements. The
Company undertakes no obligation to update these forward-looking
statements if management's beliefs, estimates or opinions, or other
factors, should change. Factors that could cause actual results to
differ materially from those in forward-looking statements, include
market prices, exploration and development successes, continued
availability of capital and financing, and general economic, market
or business conditions. Please see the public filings of the
Company at www.sedar.com for further information.
SOURCE Avanti Energy Inc.