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Avanti Energy Completes Bought Deal Financing of ~C$10 Million

Avanti Energy Inc has closed its bought deal public offering of 8.4mm units at a price of C$1.23/unit for aggregate gross proceeds of ~C$10 mm. Avanti intends to use the net proceeds to fund exploration drilling on the company's properties and for general corporate purposes. Avanti has been frequently raising new equity over the last year but its share price has been weak down 30% year to date and almost 50% over the last year.

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Helium One ended 2022 with a net cash balance of US$13.7mm, providing ample cash for its upcoming drilling campaign. In H2'22, cash outflow from operations was US$1.6mm and capital expenditure US$1.5m

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