By Devika Patel
Knoxville, Tenn., Nov. 28 - Avanti Mining Inc. announced that it has raised C$7,602,013.20 in the first tranche of a C$10 million non-brokered private placement of units. The deal priced on Nov. 9.
In this tranche, Avanti sold 12,670,022 units at C$0.60 apiece. The company will sell a total of 16,666,667 units at that price. Each unit consists of one common share and one half-share warrant, with each warrant exercisable at C$0.90 for two years.
Avanti intends to close a second tranche of 2.33 million units for C$1,398,000 on Nov. 29.
Proceeds will be used for exploration and for the acquisition of mineral resource projects.
Based in Vancouver, B.C., Avanti Mining is a newly formed company focused on acquiring, exploring and developing mineral resource projects.
| Issuer: | Avanti Mining Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$10 million
|
| Units: | 16,666,667
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.90
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 9
|
| Stock symbol: | CNQ: AVMI
|
| Stock price: | C$0.70 at close Nov. 8
|
|
|
| First tranche
|
| Amount: | C$7,602,013.20
|
| Units: | 12,670,022
|
| Settlement date: | Nov. 28
|
|
|
| Second tranche
|
| Amount: | C$1,398,000
|
| Units: | 2.33 million
|
| Settlement date: | Nov. 29
|
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