Source: Avanti Helium Corp.
  • Avanti Helium Corp. (AVN) closed its public offering for gross proceeds of $6,324,965
  • The company issued approximately 9 million units priced at $0.70 per unit
  • The over-allotment option was fully exercised by the agents
  • Net proceeds will be used to fund the development of the Greater Knappen Property
  • Avanti Helium Corp. is focused on the exploration, development, and production of helium across western Canada and the United States
  • Avanti Helium Corp. (AVN) opened trading at C$0.70

Avanti Helium Corp. (AVN) closed its previously-announced overnight marketed best efforts public offering for gross proceeds of $6,324,965.

The company issued approximately 9 million units priced at $0.70 per unit. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of $1.00 until February 6, 2025.

The over-allotment option was fully exercised by the agents.

Avanti CEO and Director Chris Bakker commented on the success of the capital raise.

“We thank the syndicate of agents, new investors, our existing shareholders and insiders for their continued support. The oversubscribed financing underscores the response to the initial estimated 200 Mcf/d of net Helium and flow rates of the recently announced WNG 10-21 appraisal well. McDaniel & Associates Consultants Ltd. has been commissioned to update the resource estimate for the WNG Helium pool. We are moving forward quickly to advance the development of our Greater Knappen project.”

The offering was led by Raymond James Ltd. and Canaccord Genuity Corp., as co-lead agents and joint bookrunners, on behalf of a syndicate of agents which included Beacon Securities Limited and Cormark Securities Inc.

The agents received a cash commission of $361,256 and compensation option warrants to purchase up to 516,079 common shares.

The net proceeds will be used to fund the development of the Greater Knappen Property and for general corporate purposes.

Insiders subscribed for a total of 734,000 Units for aggregate gross proceeds of $513,800.

Avanti Helium Corp. is focused on the exploration, development, and production of helium across western Canada and the United States.

Avanti Helium Corp. (AVN) opened trading at C$0.70.


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