Mr. Chris Bakker reports
AVANTI HELIUM ANNOUNCES OVERNIGHT MARKETED BEST EFFORTS PUBLIC OFFERING OF UNITS
Avanti Helium Corp. has commenced an overnight marketed public offering of units of the company, seeking to raise gross proceeds of approximately $5-million. Each unit will be composed of one common share of the company and one-half of 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 effort agency basis pursuant to the terms and conditions of an agency agreement to be entered into among the company, and Raymond James Ltd. and Canaccord Genuity Corp. as joint bookrunners and co-lead agents on behalf of a syndicate of agents.
The company will also grant the agents an option to sell up to an additional 15 per cent of the units sold under the offering at the issue price. The overallotment option may be exercised in whole or in part to purchase common shares, warrants or units as determined by the agents upon written notice to the company at any time up to 30 days following the closing date of the offering.
The offering will be conducted pursuant to the company's Canadian base shelf prospectus dated Nov. 23, 2022. A prospectus supplement relating to the offering will be filed in each of the provinces of Canada, except the province of Quebec. Copies of the prospectus supplement and accompanying base shelf prospectus will be available under the company's profile on SEDAR.
The company intends to use the net proceeds from the offering to finance further development of the company's Greater Knappen, Montana, helium exploration and development project and for general corporate purposes.
The offering is expected to close on or about Feb. 6, 2023, subject to customary closing conditions.
Closing of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
About Avanti Helium Corp.
Avanti Helium is focused on the exploration, development and production of helium across Western Canada and the United States. Avanti Helium'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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