Avanti Helium Completes Financing with Final Tranche Sale
Avanti Helium Completes Financing with Final Tranche Sale
Avanti Helium Corp. (TSXV: AVN) is thrilled to announce the successful closing of the second and final tranche of its non-brokered private placement. This latest tranche involved the issuance of 1,000,000 units at a price of $0.25 per unit, yielding aggregate gross proceeds of $250,000. When combined with the first tranche, the total raised by the company reaches $550,000 from 2,200,000 units.
Understanding the Units Offered
Each unit issued in this offering consists of one common share and a share purchase warrant. The warrant allows the holder to acquire one additional share for $0.30 for a duration of one year following its issuance. This structure is designed to incentivize investment while offering potential future returns.
CEO's Significant Involvement
Chris Bakker, the Chief Executive Officer and director of Avanti, participated meaningfully in this offering, acquiring a total of 2,000,000 units across both tranches. His involvement qualifies as a related party transaction, as outlined in Multilateral Instrument 61-101, which protects minority shareholders. Fortunately for Avanti, they are exempt from the usual requirements for formal valuation and minority shareholder approval in this case.
Strategic Use of Funds
The net proceeds from this offering are earmarked for ongoing projects and general working capital. This strategic allocation is essential to support Avanti's growth in the helium sector, which has seen increasing demand.
Hold Period and Compliance
All securities issued through this second tranche come with a hold period that will expire on January 5, 2025. This is in accordance with applicable securities laws and the policies imposed by the TSX Venture Exchange.
About Avanti Helium Corp.
Avanti is dedicated to the exploration, development, and production of helium. Their focus is on finding helium resources across western regions of North America. Avanti’s team is composed of professionals in the oil and gas sector, actively working towards tapping into helium reservoirs to meet the surging global demand. Helium plays an integral role across various industries, including technology, medicine, and aerospace.
Frequently Asked Questions
What is the final tranche closed by Avanti Helium?
The final tranche refers to the completion of the private placement that raised $250,000 by issuing 1,000,000 units, culminating in $550,000 overall.
How many units were issued in total?
A total of 2,200,000 units were issued across both tranches, with the first tranche comprising 1,200,000 units.
What does each unit consist of?
Each unit includes one common share and a share purchase warrant, allowing the purchase of an additional share for $0.30 within a year of issuance.
Who is Chris Bakker?
Chris Bakker is the Chief Executive Officer and a director of Avanti Helium, significantly participating in the financing of the company.
What are the intended uses of the proceeds from this offering?
The proceeds will be allocated to ongoing project costs and general working capital, essential for the company’s operations in the helium sector.
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