Mr. Chris Bakker reports
AVANTI HELIUM ANNOUNCES OVERNIGHT MARKETED BEST EFFORTS PUBLIC OFFERING OF UNITS
Avanti Helium Corp. has filed a preliminary short-form prospectus with the securities regulatory authorities in all provinces of Canada (except Quebec) in connection with an overnight marketed best efforts public offering of units of the company, seeking to raise gross proceeds of approximately $5-million. Each unit will consist of one common share of the company and one common share purchase warrant. The number of units to be distributed, the price of each unit and the exercise price of each warrant will be determined in the context of the market with final terms to be determined at the time of pricing.
The offering will be conducted on a best efforts agency basis pursuant to the terms and conditions of an agency agreement to be entered into between the company and Raymond James Ltd., as lead agent and sole bookrunner, on behalf of a syndicate of agents.
The company will grant the agents an option to sell, at the issue price, up to such number of additional units, common shares or warrants, or any combination thereof, as is equal to 15 per cent of the aggregate number of units sold in the offering to cover overallotments, if any, and for market stabilization purposes. The overallotment option may be exercised in whole or in part, at the sole discretion of the agents, upon written notice to the company at any time up to 30 days following the closing date of the offering.
The net proceeds from the offering will be used by the company to finance exploration drilling on the company's lands and for general corporate purposes. The offering is expected to close on or about Oct. 24, 2022. Closing of the offering is subject to customary closing conditions, including but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the securities regulatory authorities.
About Avanti Helium
Avanti Helium 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 untapped potential helium reserves to help meet the increasing global demand for an irreplaceable and scarce element critical to advanced technology, medical and space exploration industries.
We seek Safe Harbor.
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