CALGARY,
AB, Aug. 30, 2024 /CNW/ - Avanti Helium
Corp. (TSXV: AVN) (OTC: ARGYF) ("Avanti" or the "Company")
is pleased to announce an upsize in the size of its previously
announced non-brokered private placement (the "Offering") of units
of the Company ("Units"). The size of the Offering has been
increased from 2,000,000 Units to 2,200,000 Units at a price of
$0.25 per Unit for aggregate gross
proceeds of $550,000 (the
"Offering").
Each Unit under the Offering will consist of one
(1) common share of the Company (a "Share") and one (1) Share
purchase warrant (each a "Warrant"), with each Warrant entitling
the holder to purchase one (1) additional Share at a price of
$0.30 per Share for a period of one
(1) year from the date of issuance.
Chris Bakker, the
Chief Executive Officer and a director of the Company (the
"Insider") will subscribe for, directly and indirectly, 2,000,000
Units, and such participation would be considered to be a "related
party transaction" as defined under Multilateral Instrument 61-101
- Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company intends to rely on
exemptions from the formal valuation and minority shareholder
approval requirements provided under sections 5.5(a) and 5.7(a) of
MI 61-101 on the basis that the participation in the Offering by
the Insider will not exceed 25% of the fair market value of the
Company's market capitalization.
The proceeds of the Offering will be used for
ongoing costs associated with the Company's projects and general
working capital requirements.
All securities issued under the Offering,
including securities issuable on the exercise thereof, will be
subject to a hold period expiring four (4) months and one (1) day
from the date of issuance, in accordance with applicable securities
laws and the policies of the TSX Venture Exchange (the
"Exchange").
The Offering is subject to the acceptance of the
Exchange.
About Avanti Helium Corp.
Avanti 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 helium trapped in
structures 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.avantihelium.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: statements
relating to the expected timing for the development of the helium
recovery plant and timing estimates with respect to initial
production therefrom, statements relating to the expected benefits
to Avanti from the midstream agreement and liquefaction tolling
agreement, statements relating to obtaining financing to fund
associated infrastructure work for the plant, risks associated with
helium exploration, development, production, marketing and
transportation, volatility in helium prices, risks relating to the
Company's ability to access sufficient capital from production and
external sources, 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. Please see the public filings of the Company
at www.sedarplus.ca for further information and
risks applicable to the Company.
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 Helium Corp.