Jan 31, 20234 min
Avanti Helium announced a ~C$5 million equity raise, which was later increased to ~C$5.5 million. This will consist of one common share and one-half of one common share purchase warrant. The net proceeds will be used to fund further development of the its Greater Knappen helium exploration and development project and for general corporate purposes. This follows the recent highly positive well result from the WNG 10-21 well. This appears to be a high quality find that will add to North American helium production in the coming years.
Press Release on 30th Jan:
Avanti Helium Corp is pleased to announce that it 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 comprised 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 efforts agency basis pursuant to the terms and conditions of an agency agreement to be entered into between 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% of the Units sold under the Offering, at the Issue Price. The Over-Allotment 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 November 23, 2022 (the “Base Shelf Prospectus”). A prospectus supplement (the “Prospectus Supplement”) relating to the Offering will be filed in each of the provinces of Canada, except the Province of Quebec.
The Company intends to use the net proceeds from the Offering to fund 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 February 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.
Press Release on 31st Jan:
Avanti Helium Corp, is pleased to announce an increase in the size of the previously announced overnight marketed best efforts public offering (the “Offering”) of units of the Company (“Units”). Due to increased demand, the size of the Offering, which is being conducted on a “best efforts” agency basis, has been increased by 10% for up to 7,857,100 Units at a price of C$0.70 per Unit for aggregate gross proceeds of up to C$5,499,970.
Each Unit will consist of one common share in the capital of the Company (each, a "Common Share") and one half of one Common Share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to acquire one common share of the Company for 24 months from the closing of the Offering at a price of $1.00.
The Offering is being 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. and Canaccord Genuity Corp. as joint bookrunners and co-lead agents on behalf of a syndicate of agents (collectively, the “Agents”), which includes Beacon Securities Limited and Cormark Securities Inc.
The Company will also grant the Agents an option (the “Over-Allotment Option”) to sell up to an additional 15% of the Units sold under the Offering, at the Issue Price. The Over-Allotment 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 November 23, 2022 (the “Base Shelf Prospectus”). A prospectus supplement (the “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 at www.sedar.com.
Closing of the Offering is expected to occur on or about February 6, 2023 and is subject to a number of conditions, including without limitation, receipt of all regulatory approvals, including the approval of the TSX Venture Exchange and the securities regulatory authorities. The proceeds raised from the sale of Units under the Offering are expected to be used by the Company to fund exploration drilling on the Company's lands and for general corporate purposes.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.