AVANTI ANNOUNCES PRIVATE PLACEMENT TO RAISE UP TO $500,000
Tuesday April 4, 2017
AVANTI ANNOUNCES PRIVATE PLACEMENT
TO RAISE UP TO $500,000
- director Knell resigns
- sets AGM date for May 31
Vancouver, British Columbia, April 4, 2017 – Avanti Energy Inc. (TSXV: AVN) (“Avanti” or the “Company”) has arranged a non-brokered private placement of units to raise up to $500,000. Proceeds of the offering will be used for general working capital purposes.
The private placement Offering will be by way of a subscription agreement of up to 7,145,000 units $0.07 per unit (“Units”). Each Unit shall consist of one common share and one common share purchase warrant. Each warrant shall be exercisable into one common share of the Issuer at a price of $0.15 for the period of twelve (12) months.
Avanti may pay a Finder’s Fee in connection with the Offering. Closing of the private placement is expected to take place by April 21, 2017.
The private placement is subject to receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange. Securities issued under the placement will be subject to a four-month hold period.
The Company also announces the resignation from the Board of Directors of Mr. James W. Knell. Karl Kottmeier, president, commented: “I would like to thank Bud for his service to the board, the Company and to all shareholders. Bud brought tremendous technical expertise and consistent diligence to all his work for Avanti and his valuable input will be missed.”
The Company has scheduled an Annual and Special Meeting of Shareholders for 10:00 a.m. Pacific Time on May 31, 2017. The meeting is expected to include the routine business of the Company, including: to receive the financial statements of the Company for its fiscal years ended December 31, 2015 and 2016 and the report of the Auditors thereon; election of directors, appointment of Auditors, ratification of the stock option plan, and to transact such other business as may properly come before the Meeting.
For more information regarding the Company please contact Kirk Gamley, corporate communications, at 604-689-7422. Please visit the Company’s website www.avantienergy.com for a full corporate profile.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.