AVANTI COMPLETES $500,000 PRIVATE PLACEMENT
Thursday September 15, 2016
Vancouver, British Columbia, September 15, 2016 – Avanti Energy Inc. (TSXV: AVN) (“Avanti” or the “Company”) is pleased to announce that it has closed the non-brokered private placement announced August 12, 2016 for gross proceeds of $500,000. The Company issued secured, convertible, redeemable debentures in the principal amount of $500,000 (the “Debentures”).
The Debentures will mature June 30, 2019, carry an interest rate of eight percent (8%) per annum – payable quarterly in arrears, and are convertible into Units of the Company. The Debentures may be redeemed by the Company at any time after June 30, 2017, upon advance seven (7) day written notice to the holder by the Company.
Should holders elect to convert the Debentures in whole or in part, the principal amount will convert to Units at $0.10 per Unit up to June 30, 2017; effective July 1, 2017, the conversion price is $0.15 per Unit until Maturity. Each Unit will be comprised of one common share plus one-half of one warrant. Each whole warrant gives the Holder the right to purchase one common share of the Issuer until June 30, 2019. The warrant exercise price is $0.15 up to June 30, 2017; effective July 1, 2017 the exercise price is $0.20 until expiry.
Securities issued under the placement will be subject to a four-month hold period, which will expire four months from the date of closing. In connection with the private placement the Company paid finders' fees of $10,850. The proceeds from the placement will be used for general working capital purposes.
For more information regarding the Company please contact Kirk Gamley, corporate communications, at 604-689-7422.
Chief Financial Officer
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