Avanti Energy – oil and gas producer – announces the closing of a private placement of over four million dollars.
After announcing it at the end of June 2021, the company finalizes the placement, which can be used for drilling projects.
Avanti Energy puts 2,400,000 shares at $1.70
The transaction involved the issue of 2,400,000 shares at a price of $1.70.
Gross proceeds from the placement amounted to $4,080,000, or 3.46 million euros.
The 2,400,000 shares are held by 20,718 new shareholders.
The new shareholders are heavily involved in supporting the company’s growth.
However, the 20,718 shares issued are subject to a legal four-month holding period.
The company will therefore only be able to finalize its private placement on November 10, 2021.
Financing a drilling program
“We look forward to continuing to execute our planned growth initiatives,” says Christ Bakker, Avanti’s CEO.
Following this placement, the company intends to use the proceeds of the financing for strategic land acquisitions.
In addition, Avanti Energy will use the $4 million to finance its three-well drilling program.
“This capital injection will accelerate our efforts,” adds the CEO, a substantial sum foroil exploration.
As a result, Avanti Energy ranks among the best in hydrocarbon research, development and production in North America.
